Commodity currencies rebound in choppy trade

<p>It's Fed day so expect some extra volatility today.</p><p>So far in North American trade, that's evident in the Canadian and Australian dollars, which slumped to session lows early but have rebounded strongly in the past 45 minutes. There hasn't bee a clear catalyst for the turn but US equities and oil have improved somewhat.</p><p>The reversal could reflect bets on a less-hawkish Fed today but we could also be seeing oil-settlement flows in CAD, which usually go through around this time of the month.</p><p>The worrisome spot in the global equities picture is Europe where the French CAC is leading the way lower in what's been constant selling all day. It's down 2.0% now.</p>

This article was written by Adam Button at www.forexlive.com.