Commodity currencies have rallied, along with various Asian and other emerging world currencies at the expense of the dollar, yen, euro and other majors. This theme has been fuelled by a risk-on environment after the FOMC minutes from the mid-September meeting effected a further lengthening of odds for a Fed rate hike by year end. The minutes showed that "several members" were worried that downside risk to growth and inflation have increased due to uncertainties about the global economy. This has been a paradoxical tonic for markets as investors focused on its policy implications.
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