Monday December 1, 2008 - 15:45:14 GMT
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FX Blog- GVI Forex Analysis: Commodity Currencies, Gold and Oil December 1, 2008
Commodity Currencies, Oil and Gold
- The commodity currencies are trading sharply weaker as they continue to take direction from U.S. equity markets. The commodity currencies (AUD and NZD) are all weaker vs. the USD. The USD currently is broadly higher against the major currencies on a risk aversion move.
- The carry trade funding currency JPY is stronger vs. the USD. Stocks are currently sharply weaker. December is often dominated by end of year tax loss selling.
- Crude oil is weaker but has held support at $50.00. Over the weekend, OPEC agreed to hold production steady. Also top officials mentioned a $75 target price for oil. Gold is sharply weaker. See the GVI calendar for the full schedule of data releases in the two weeks ahead.
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