The following table includes the correlation between gold and the most popular currency pairs over various timeframes. A value close to +1 indicates a strong positive relationship between gold and the pair, while a value close to -1 indicates a strong negative relationship.
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|
Gold |
USD/CAD |
AUD/USD |
NZD/USD |
EUR/USD |
GBP/USD |
USD/JPY |
USD/CHF |
|
15 Min, 3 Day |
0.84 |
0.82 |
0.56 |
-0.56 |
-0.46 |
0.30 |
0.42 |
|
60 Min, 1 Week |
-0.74 |
0.68 |
0.42 |
0.43 |
0.47 |
0.38 |
-0.39 |
|
60 Min, 2 Weeks |
-0.81 |
0.88 |
0.47 |
0.09 |
0.30 |
0.18 |
0.29 |
|
Daily, 1 Month |
-0.73 |
0.93 |
0.78 |
0.63 |
0.83 |
-0.63 |
-0.76 |
Weekly Commentary: Despite a major correction in the commodities markets last week and a rapid strengthening of the US dollar, Gold – FOREX correlations on major pairs still hold near their historic highs, though they have been damaged by a small amount. As expected, the Australian dollar is still at the forefront over near and long term comparisons as investors still look to the AUD as a measure of the gold market’s pulse. The Euro and pound dollar pair correlations declined in the near term as both currencies were hit by growth concerns in their respective circulating zones.
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