Tuesday October 28, 2008 - 15:51:17 GMT
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GVI Trading Outlook: Commodity Currencies, Oil and Gold for October 28, 2008
GVI Trading Outlook: Commodity Currencies, Oil and Gold for October 28, 2008:
- The commodity currencies (AUD, CAD and NZD) are mostly higher vs. the USD. USD/CAD is about steady. Selling pressure on the commodity currencies has eased as carry trade unwinds have slowed.
- The RBA has been interving in the forex markets since last Friday. Their primary goal seems to be to maintain market liquidity. Some wonder if the Bank of Canada should try to play the same role.
- Japanese investors continue to be key participants in the markets. The 6.4% advance in the Nikkei today helped stabilize global equities.
- Crude oil is holding stable. Gold is trading higher.
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