The strong risk rally of the last few days seems to have stalled pre-ECB, as China's promise to deliver took commodities on a steep rally yesterday. The ECB will need to deliver on their promise on Thursday. Expectations are high, ranging from expansion of QE to corporate bond buying.
Commodities stalled after yesterday, with iron ore and other metals not performing well today after having rallied quite a bit.
AUD has seen a correction, as official speak did not rule out a rate cut. Asian emerging markets FX lost ground as locals bought USDs. The correction remains small compared to the large moves lately, but momentum has died out.
Oil is keeping RUB very strong, and CAD remains strong as well even with the correction from 1,3280s.
Emerging FX is trying to correct, but ZAR and MXN are still strong without a major correction.
Gold remains strong but has not broken through 1270s for a few days straight now.
It seems we are on a stall day for FX as we wait for the ECB's meeting on Thursday. 