Wednesday December 17, 2008 - 16:12:20 GMT
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FX Blog- GVI Forex Analysis: Commodity Currencies, Oil and Gold for December 17, 2008
Commodity Currencies, Oil and Gold
- The commodity currencies are trading steady to higher higher vs. the USD. The kiwi is up strongly. The have not broadly advanced again in line with the weakness of USD against the majors.
- The primary carry trade funding currency JPY is firmer vs. the USD. The JPY is sporatically trading inversely with equities. The EUR/JPY linkage is tighter than USD/JPY today.
- Crude oil is trading lower after slightly bearish weekly energy figures. There was some confusion about the as expected OPEC supply reduction announcement due to the manner in which the cut was announced. Gold is higher. See the GVI calendar for the full schedule of data releases in the two weeks ahead.
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