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Written by Kathy Lien, Chief Strategist

The commodity currencies screamed higher as the Australian and New Zealand dollars registered the day’s most meaningful gains.  The AUD/USD hit a fresh 10 high while the NZD/USD hit a new 1 year high.  Not only did Australia’s Rinker Group agreed to be taken over by Mexico’s CEMEX, but we also saw a solid increase in job advertisements along with a stable construction sector PMI.  This suggests that we could see particularly strong job growth on Thursday.  New Zealand on the other hand simply benefited from Aussie strength as their economic data surprises to the downside.  The NZIER business opinion survey dropped from +3 to -15 in the first quarter.  Meanwhile USD/CAD could not escape the broad dollar bearishness as the currency slipped to a fresh year to date low.