Wednesday October 29, 2008 - 15:50:59 GMT
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FX Blog- GVI Trading Outlook: Commodity Currencies, Oil and Gold for October 29, 2008:
GVI Trading Outlook: Commodity Currencies, Oil and Gold for October 29, 2008:
- The commodity currencies (AUD, CAD and NZD) are up shaply vs. the USD. USD/CAD has spiked higher. Trade in this pair has become dysfunctional. It appears its lack of liquidity has started to feed on itself. Selling pressure on the other two commodity currencies has eased as central banks have stepped t to establish floors.
- The RBA has been intervening in the forex markets since last Friday. Its primary goal seems to be to maintain market liquidity. Some wonder if the Bank of Canada should try to do the same.
- Japanese investors continue to be key participants in the markets. The apparent leak by the BOJ that it would be easng its target rate by -25bps on Friday was probably aimed more at capping the JPY than stimulating the economy.
- Crude oil is higher. Gold is trading stronger.
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