Commodities take a hit on strong USD - ANZ

Analysts at ANZ noted that the commodities struggled as the USD strengthened. 

Key Quotes:

"Gold was the big casualty from the strong jobs data, with prices dropping nearly USD20/oz in the minutes after the data. Oil prices failed to gain any momentum as the strong jobs data in the US saw investors retreat from commodity markets. Another increase in the rig count in the US also weighed on sentiment. 

The Baker Hughes data show rigs operating in the US are the highest since March (at 381). Base metals were mixed, with support still around for the supply-constrained commodities of zinc and nickel. However, the prospect of rising supply in the copper market is keeping prices subdued. Good profit margins for Chinese steel mills have kept them active in the iron ore market. Prices were also supported by a slight fall in inventories held at Chinese ports (-0.3% to 105.8mt)."