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Gold Correlations with Risk Remain Elevated as Markets Digest FOMC

Gold Correlations with Risk Remain Elevated as Markets Digest FOMC

2012-01-30 02:36:00
David Liu, Technical Strategist
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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%.

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

Gold

USD/CAD

AUD/USD

NZD/USD

EUR/USD

GBP/USD

USD/JPY

USD/CHF

3 Day 15 Min

0.45

-0.16

0.01

0.12

0.10

-0.25

-0.19

1 Week 60 Min

-0.31

0.55

0.65

0.22

0.68

-0.41

-0.21

2 Week 60 Min

0.63

-0.78

-0.79

-0.56

-0.64

-0.15

0.35

1 Month Daily

-0.94

0.96

0.96

0.91

0.89

-0.41

-0.94

Gold-Forex Correlations for the previous week can be found here.

Weekly Commentary: Gold prices during the recent week remained inverse to the strength of the dollar, keeping a relatively sustained correlation with commodity currencies Canadian, Australian and New Zealand dollars, as well as the Euro and British pound. Gold also tracked the volatility of risk currencies in shorter term intervals during the week before the release of Friday’s much better than expected NFPs. Gold dropped against the US dollar as investors questioned the Fed’s ability to keep its low rates promise until 2014 given the recovery of the US economy.

On the economic docket, the primary US data is the February preliminary release of the University of Michigan’s consumer confidence index. Current expectations are at 74.0, falling from the previous month’s index of 75.0. Additionally, the Australian dollar, British pound and Euro will see additional pressures as the RBA,Bank of England and ECB are slated to announce benchmark rates.

Gold-Forex_Correlations_02062012_Gold-Continues-Trend-With-Risk_body_Picture_1.png, Gold Correlations with Risk Remain Elevated as Markets Digest FOMCGold-Forex_Correlations_02062012_Gold-Continues-Trend-With-Risk_body_Picture_2.png, Gold Correlations with Risk Remain Elevated as Markets Digest FOMC

-- Written by David Liu, DailyFX Research

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