Tuesday November 4, 2008 - 16:11:05 GMT
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FX Blog- GVI Trading Outlook: Commodity Currencies, Oil and Gold for November 4, 2008
Commodity Currencies, Oil and Gold
- The commodity currencies (AUD and NZD) are all trading sharply higher in line with the weaker USD.
- The Reserve Bank of Australia cut rates by -75bps to 5.25%. More rate reductions are in the pipeline.
- The JPY is trading weaker in line with higher shares and other carry plays. Japanese markets were closed Monday for a holiday.
- Crude oil is higher as risk is put back on the table. The word is that the Saudis today implemented the recently approved production cuts today. Gold is up as well.
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