Forex: Commodity currencies turn higher versus USD (Córdoba) - The so-called commodity currencies managed to erase losses versus the dollar during the American afternoon, as market shrugged off disappointing US ADP data and stocks bounced in Wall Street.

After hitting a daily high of 0.9940, USD/CAD turned lower and having dropped over 30 pips throughout the session, it touched a 1-week low of 0.9906 before stabilizing in a range. USD/CAD was last down 0.1% at the 0.9910 area.

Meanwhile, the AUD/USD found support at the 100-hour SMA (around 1.0440) and bounced toward the 1.0465 area before losing momentum. At time of writing, AUD/USD is trading at the 1.0460 region, little changed since opening.

Finally, the Kiwi dollar holds onto mild gains at the 0.8250 zone ahead of the RBNZ monetary policy decision, due for release at 20:00 GMT.