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Gold - FOREX Correlations: Gold Convictions Unclear on Fundamental Risks

Gold - FOREX Correlations: Gold Convictions Unclear on Fundamental Risks

2011-06-24 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

-0.79

0.65

0.53

0.66

0.35

-0.40

0.29

1 Week 60 Min

-0.80

0.37

0.64

0.73

0.19

-0.16

-0.44

2 Week 60 Min

-0.74

0.79

0.76

0.85

0.76

-0.45

0.48

1 Month Daily

-0.09

0.35

0.34

0.53

0.09

-0.44

-0.45

Weekly Commentary: As fears of a possible Greek default spread through the markets, more investors sought safe havens. However, the gradual increase of yields on US debt made the US dollar a more attractive safe haven than the yellow metal. Although longer term correlations are unclear, correlations between non-US dollar currencies tracked gold much closer throughout the last 2 weeks.

Gold-Forex_Correlations_06242011_body_Picture_1.png, Gold - FOREX Correlations: Gold Convictions Unclear on Fundamental RisksGold-Forex_Correlations_06242011_body_Picture_2.png, Gold - FOREX Correlations: Gold Convictions Unclear on Fundamental Risks

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

Gold-Forex_Correlations_06242011_body_Picture_3.png, Gold - FOREX Correlations: Gold Convictions Unclear on Fundamental RisksGold-Forex_Correlations_06242011_body_Picture_4.png, Gold - FOREX Correlations: Gold Convictions Unclear on Fundamental Risks

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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