Monday November 3, 2008 - 16:45:45 GMT
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FX Blog- GVI USD Trading Outlook: November 3, 2008: Commodity Currencies, Oil and Gold
USD Trading Outlook: November 3, 2008 :
Commodity Currencies, Oil and Gold
- The commodity currencies (AUD and NZD) are trading much higher vs. the USD today.
- The Reserve Bank of Australia is expected to cut rates at 03:30 GMT Tuesday. The general market expectation is for a -50bp cut in the cash rate target to 5.50%. A major U.S. bank today predicted a -100bps easing.
- Japanese markets were closed Monday for a holiday. Japanese investors have been playing a major role in the commodity currencies.
- Crude oil is lower following more weak economic data in the U.S. and overseas. Gold is trading about steady.
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