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Gold-FX Correlations Weakened as Market Participation Withers

Gold-FX Correlations Weakened as Market Participation Withers

Gary Kerdus,

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.

Gold vs:

USD/CAD

AUD/USD

NZD/USD

EUR/USD

GBP/USD

USD/JPY

USD/CHF

3 Days

-0.75

-0.50

-0.87

0.71

0.46

0.45

0.64

1 Week

-0.15

-0.48

0.61

0.56

0.34

0.03

-0.56

2 Week

-0.71

-0.05

0.06

0.68

0.72

-0.64

-0.66

1 Month

-0.69

0.63

0.63

0.68

0.68

0.23

-0.64

Weekly Commentary: Gold correlations with major currencies have dissipated over the last few trading days as market volume and volatility have been abnormally low across most asset classes. Moreover, the precious metal has been locked in relatively tight consolidation since late May of this year as markets are unsure as to whether or not the Fed will roll out another round of quantitative easing. It appears that there is really not much driving the markets as of late and it’s not clear what the likely catalyst will be to stoke volatility. Later this week the FOMC will release minutes from their August first meeting on Wednesday at 18:00 GMT.

Gold-FX_Correlations_Weakened_as_Market_Participation_Withers_body_gold_forex_corr.png, Gold-FX Correlations Weakened as Market Participation Withers

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