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Gold - FOREX Correlations Weaken as Spooked Investors Exit Metals

Gold - FOREX Correlations Weaken as Spooked Investors Exit Metals

2011-05-19 02:36:00
David Liu, 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

3 Day 15 Min

-0.46

0.45

0.52

0.40

-0.33

0.14

-0.23

1 Week 60 Min

-0.74

0.45

0.55

0.24

0.16

-0.40

0.08

2 Week 60 Min

-0.31

0.31

0.30

-0.18

0.53

0.03

-0.34

1 Month Daily

-0.77

0.91

0.80

0.74

0.80

0.07

-0.59

Weekly Commentary: Gold-Forex correlations fell from previous highs as signs of delinking show as the recent correction in the metals market lead metals selling. Volume for LME metals stock all indicate investors exiting the PM market, but entering higher yielding currencies including the Euro and the Aussie dollar, contributing to further US dollar weakness.

Although too early to tell, gold and silver prices may be early indications that demand will fall in major countries as growth concerns continue to persist. Although base metals continue to strengthen, the fall in precious industrial metals may show that high-technology usage is expected to weaken.

For a digest on equities, oil and gold correlations, please visit this weekly summary and outlook.

Gold-Forex_Correlations_05192011_body_Picture_3.png, Gold - FOREX Correlations Weaken as Spooked Investors Exit MetalsGold-Forex_Correlations_05192011_body_Picture_4.png, Gold - FOREX Correlations Weaken as Spooked Investors Exit Metals

Written by David Liu, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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