Rates as of 0500 GMT

Market Recap

Risk appetite generally returned, pushing commodity currencies higher and the safehaven CHF and USD lower. After trading through parity last Thursday, EURUSD recovered and traded as high as 1.0201 yesterday. EURCHF climbed to 0.9934 but cant manage to poke its nose back above 1.0.

Prices of most major commodities rose. Your morning coffee got 7.7 more expensive and the surge to go in it, 0.8.

Sentiment began to fade around the European close however and took a big hit late in the US day following a Bloomberg report that Apple would be slowing hiring and spending next year heres a link that doesnt require a Bloomberg subscription. This got people concerned about the earnings from the tech sector that are due out this week. The SP 500 closed down 0.84 and the NASDAQ 0.81. Market attention today will focus on earnings from Netflix Inc.

You can see how copper prices, which had been rallying, began to fall along with the SP 500.  

AUDUSD initially followed copper up and then down, but starting from the Asian day has been rising even without such support.

Russias Gazprom declares  force majeure, halts gas supplies to Europe

This is really big news. According to Reuters, Gazprom is declaring force majeure retroactively from June 14th thats a month ago and said it cannot guarantee gas supplies. This comes as the Nord Stream 1 pipeline, the key pipeline delivering Russian gas to Germany and beyond, is shut down for 10 days of annual…