Wednesday October 22, 2008 - 15:36:28 GMT
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FX Blog- GVI Trading Outlook: Commodity Currencies, Oil and Gold for October 22, 2008
GVI Trading Outlook: Commodity Currencies, Oil and Gold for October 22, 2008
- The commodity currencies (AUD, CAD and NZD) are trading mixed. The CAD has not recovered from the BOC rate cut yesterday and the promie of more. The kiwi has suffered as well.
- Odds are that Japanese players have been repatriating funds after another 7% decline in the Nikkei today.
- The AUD has held its own for a day. The lofty increase in 3Q08 CPI will not deter the RBA from future aggressive rate cuts.
- Crude oil is trading weak. Today it is down nearly 6%. Weekly energy inventories grew as expected today. Friday sees the emergency OPEC meeting. A production cut of 1mln BBD is seen. Gold is trading down sharply.
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