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Gold - FOREX Correlations Weaken Amid Choppy Trading Action

Gold - FOREX Correlations Weaken Amid Choppy Trading Action

2011-02-11 02:36:00
DailyFX Research,
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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

0.12

0.28

0.04

-0.44

-0.27

-0.21

0.04

60 Min, 1 Week

0.81

-0.41

0.02

0.64

-0.55

0.44

0.68

60 Min, 2 Weeks

-0.12

0.55

-0.33

-0.43

0.33

0.35

0.77

Daily, 1 Month

-0.16

0.32

-0.10

-0.58

0.24

0.22

0.71

Weekly Commentary: Gold – FOREX correlations weakened significantly as gold and currencies continue to fluctuate independently. A pronounced lack of volatility and well-defined trends has led to choppy price action, which is leading to this disconnect. Once a larger trend emerges, then we may see correlations reestablished.

Gold_Forex_Correlations_Weaken_Amid_Choppy_Trading_Action_body_Picture_3.png, Gold - FOREX Correlations Weaken Amid Choppy Trading ActionGold_Forex_Correlations_Weaken_Amid_Choppy_Trading_Action_body_Picture_4.png, Gold - FOREX Correlations Weaken Amid Choppy Trading Action

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