Thursday October 30, 2008 - 15:11:15 GMT
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FX Blog- GVI Trading Outlook: Commodity Currencies, Oil and Gold for October 30, 2008
GVI Trading Outlook: Commodity Currencies, Oil and Gold for October 30, 2008
- The commodity currencies (AUD and NZD) are relatively steady vs. the USD today. The USD/CAD is having another one of those days. It is down sharply, presumably due to end of month flows. Trade in this pair has become dysfunctional.
- Japanese investors continue to be key participants in the markets. USD/JPY and EUR/JPY are still down on the day, but both the USD and EUR are well off their highs. Equity traders still feel that stocks trade off the yen, but forex dealers would say the relationship works in the other direction.
- The press 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 lower after a larger than expected build in natural gas inventories. Gold is trading stronger.
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