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Gold - FOREX Correlations: Investors Buy Gold in Lieu of Dollar for Safety

Gold - FOREX Correlations: Investors Buy Gold in Lieu of Dollar for Safety

2011-06-09 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. Colored values indicate week-to-week changes of over 30%.

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Gold

USD/CAD

AUD/USD

NZD/USD

EUR/USD

GBP/USD

USD/JPY

USD/CHF

3 Day 15 Min

-0.68

0.74

0.20

0.14

0.08

0.66

-0.06

1 Week 60 Min

-0.33

0.62

0.22

0.40

0.28

-0.02

-0.41

2 Week 60 Min

0.38

-0.55

-0.40

-0.31

0.25

0.37

0.06

1 Month Daily

0.49

0.25

0.92

0.63

0.68

-0.46

-0.88

Weekly Commentary: Following a disastrous NFP report on Friday leading sentiment into the week, many investors are becoming increasingly concerned about the state of the dollar as a safe-haven currency. Although longer-term correlations between the franc and gold remained intact as the week was dominated by risk aversion buying, shorter term correlations between higher yielding currencies and gold rose, mainly due to dollar-selling.

Gold-Forex_Correlations_06102011_body_Picture_10.png, Gold - FOREX Correlations: Investors Buy Gold in Lieu of Dollar for Safety

Gold-Forex_Correlations_06102011_body_Picture_11.png, Gold - FOREX Correlations: Investors Buy Gold in Lieu of Dollar for Safety

Please note: Chart uses franc rate as CHFUSD to show direct correlation with gold.

Gold-Forex_Correlations_06102011_body_Picture_12.png, Gold - FOREX Correlations: Investors Buy Gold in Lieu of Dollar for Safety

Gold-Forex_Correlations_06102011_body_Picture_13.png, Gold - FOREX Correlations: Investors Buy Gold in Lieu of Dollar for Safety

Written by David Liu, DailyFX Research

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

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