Wednesday December 3, 2008 - 16:17:35 GMT
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FX Blog- GVI Forex Analysis Commodity Currencies, Oil and Gold for December 3, 2008
Commodity Currencies, Oil and Gold
- The commodity currencies are trading mixed on the day as they continue to take direction from equity markets. The AUD is higher. The NZD is steady and the CAD is weaker. are The USD currently is now mostly higher against the major trading currencies.
- The NZD is waiting for an expected 150bp cut in its 6.50% cash rate target at 20:00 GMT later today. The CAD is uneasy due to political instability in Canada.
- The carry trade funding currency JPY is steady the USD. Stocks are currently higher after trading lower earlier.
- Crude oil is higher following bullish inventory data, but still trading below old support at the $50.00 line. Gold is down modestly. See the GVI calendar for the full schedule of data releases in the two weeks ahead.
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