Commodity currencies slip as OPEC+ output cuts provide little cheer

While oil futures erased early losses to trade higher in Asia, currency markets showed some investors remain concerned about excessive risk.

TOKYO: Commodity currencies slipped against safe-haven units such as the dollar and yen on Monday as a record output cut agreed by OPEC and other oil producing nations failed to offset broader concerns about global demand for resources.

The greenback drifted higher against its Australian and New Zealand counterparts, which are seen as risk sentiment barometers, in a sign investors remain concerned about the global demand for commodities.