We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Bearish
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • LIVE NOW: Join DailyFX Market Analyst @DavidCottleFX for a look ahead at the major economic data which will drive Asia Pacific markets in the coming seven days. https://www.dailyfx.com/webinars/985612483?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • 🇪🇺 (EUR) Markit Eurozone Services PMI (SEP P), Actual: 52.0 Expected: 53.2 Previous: 53.5 https://www.dailyfx.com/calendar?utm_source=Twitter&utm_medium=TweetRobot&utm_campaign=twr
  • 🇪🇺 (EUR) Markit Eurozone Composite PMI (SEP P), Actual: 50.4 Expected: 52.0 Previous: 51.9 https://www.dailyfx.com/calendar?utm_source=Twitter&utm_medium=TweetRobot&utm_campaign=twr
  • 🇪🇺 (EUR) Markit Eurozone Manufacturing PMI (SEP P), Actual: 45.6 Expected: 47.3 Previous: 47.0 https://www.dailyfx.com/calendar?utm_source=Twitter&utm_medium=TweetRobot&utm_campaign=twr
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/AGxlGkW2C6
  • Heads Up:🇪🇺 EUR Markit Eurozone Composite PMI (SEP P) due at 08:00 GMT (15min), Actual: N/A Expected: 52.0 Previous: 51.9 https://www.dailyfx.com/economic-calendar#2019-09-23
  • Heads Up:🇪🇺 EUR Markit Eurozone Services PMI (SEP P) due at 08:00 GMT (15min), Actual: N/A Expected: 53.2 Previous: 53.5 https://www.dailyfx.com/economic-calendar#2019-09-23
  • Heads Up:🇪🇺 EUR Markit Eurozone Manufacturing PMI (SEP P) due at 08:00 GMT (15min), Actual: N/A Expected: 47.3 Previous: 47.0 https://www.dailyfx.com/economic-calendar#2019-09-23
  • Heads Up: 🇪🇺 (EUR) Markit Eurozone Composite PMI (SEP P) due at 08:00:00 GMT (15min) Expected: 52.0 Previous: 51.9
  • Heads Up: 🇪🇺 (EUR) Markit Eurozone Services PMI (SEP P) due at 08:00:00 GMT (15min) Expected: 53.2 Previous: 53.5
Gold - FOREX Correlations: Short Term Correlations Drop as Investors Seek Dollar's Liquidity

Gold - FOREX Correlations: Short Term Correlations Drop as Investors Seek Dollar's Liquidity

2011-06-17 02:36:00
David Liu, DailyFX Research,
Share:

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%.

---------------------------------------------------------------------------------------------------------------------------------

Gold

USD/CAD

AUD/USD

NZD/USD

EUR/USD

GBP/USD

USD/JPY

USD/CHF

3 Day 15 Min

0.57

-0.57

-0.65

-0.64

-0.66

0.48

0.55

1 Week 60 Min

0.25

-0.40

0.17

-0.11

-0.46

-0.08

0.16

2 Week 60 Min

-0.03

0.37

0.05

0.16

0.13

-0.13

0.27

1 Month Daily

0.43

0.24

0.77

0.53

0.52

-0.60

-0.76

Weekly Commentary: Despite a week filled with major event risk stemming from Greece, short-term correlations between major currency pairs with the US dollar weakened. Although correlations rose in favor of the US dollar as investors sought haven, liquidity drove dollar buying in lieu of gold. Although longer-term correlations are still relatively high for the New Zealand dollar and the Swiss Franc, the magnitude of change due to Greek fears may serve as an indicator of asset movements if Greek developments continue to shock markets.

Gold-Forex_Correlations_06172011_body_Picture_1.png, Gold - FOREX Correlations: Short Term Correlations Drop as Investors Seek Dollar's Liquidity

Gold-Forex_Correlations_06172011_body_Picture_2.png, Gold - FOREX Correlations: Short Term Correlations Drop as Investors Seek Dollar's Liquidity

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

Gold-Forex_Correlations_06172011_body_Picture_3.png, Gold - FOREX Correlations: Short Term Correlations Drop as Investors Seek Dollar's Liquidity

Gold-Forex_Correlations_06172011_body_Picture_4.png, Gold - FOREX Correlations: Short Term Correlations Drop as Investors Seek Dollar's Liquidity

Written by David Liu, DailyFX Research

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

DISCLOSURES

News & Analysis at your fingertips.