Tuesday December 9, 2008 - 16:31:47 GMT
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FX Blog- GVI Forex Analysis: Commodity Currencies, Oil and Gold for December 9, 2008
Commodity Currencies, Oil and Gold
- The commodity currencies are trading weaker. The AUD, CAD, NZD are lower in line with the weaker USD. The USD is being weighed down across the board by lower equities.
- The primary carry trade funding currency JPY is firmer vs. the USD in line with the correction in equities. Dealers are taking the break in stock oprices in stride today. If it gets out of hand they will start to worry agsain.
- Crude oil is about steady. It is still trading below the $50.00 psychological resistance line. Gold is modestly higher. See the GVI calendar for the full schedule of data releases in the two weeks ahead.
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