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Recalling our FX Seasonality Viewpoint published at the start of the month.

From the trends of the last 15 years, we wrote that we could see the USD can be a broad loser in June.

We noted that among those beneficiaries can be the commodity bloc, including the AUD.

IGM FX and Rates 

That's just how it has panned out and we made a 2.0%-plus profit in the early days, having gone long AUD/USD at 0.6850 for 0.7000.

Now see the chart below.

IGM FX and Rates

Despite recent corrections, the likes of the NZD and AUD are still up on the month.

That said, if second wave worries over Covid-19 intensify and risk dramatically sours over the coming days, the pro-cyclical commodity bloc could still come under fire at the expense of traditional havens such as the JPY, CHF and USD.

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