Commodity currencies are on the up

• CAD, AUD and GBP are making gains to the upside whilst the dollar is sinking ahead of the FOMC minutes

• WTI futures traded back above the $50 handle in early trade today, and finds short term support at $50.20

• US 10 year yield up after Democratic Senate majority priced in

Well, a very interesting start to today's trading as the 10 year yield ticks above 1% (SH*T MARKETS ARE DYING) and tech stocks are off as a result.

USDCAD is sinking lower, the stand out AUDJPY and GBPUSD are ticking nicely higher.

That ill-fated word rotation springs to mind as the Dow trades higher while Nasdaq futures took a literal fall from grace, trading down from 12841 at the daily high to the market price at 12533 as of writing.

Much of today's move is due to the market believing that a Democratic Senate majority is being priced in.

I'd argue that the NQ is taking a little breather when we consider that Biden's team is made up of executives from the tech giants, and that it will get bid back up - but that's me with my extremely cynical hat on.

The moves in the commodity currencies are likely fuelled by this oil move, with CL futures breaching the $50 handle and testing $50.20 as support - the market could be looking at this as a bout of fresh reflation, shifting these higher beta currencies a bit higher while sacrificing USD demand at every turn.