Tuesday December 16, 2008 - 16:56:18 GMT
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FX Blog- GVI Forex Analysis: Commodity Currencies, Gold and Oil December 16, 2008
Commodity Currencies, Oil and Gold
- The commodity currencies are trading broadly higher vs. the USD. They have advanced again in line with the broad weakness of USD.
- The primary carry trade funding currency JPY is firmer vs. the USD. The JPY is back trading inversely with the behavior of equities. The EUR/JPY linkage is tighter than USD/JPY today.
- Crude oil is holding steady ahead ofan expected OpeC supply reduction. It tested the $50.00 psychological resistance line yesterday ($50.04 high), but resistance held. Gold is higher. See the GVI calendar for the full schedule of data releases in the two weeks ahead.
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