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Forex: USD weakens versus commodity currencies

By FXstreet.com,  August 27, 2012, 12:21:00 PM EDT

FXstreet.com (Córdoba) - The dollar weakened against currencies linked to commodities during the New York session as stocks turned positive in Wall Street, allowing the Aussie to trim losses and the Loonie to extend gains despite oil's decline.

USD/CAD continued to move lower and recently hit a fresh 4-day low of 0.9889 before finding support. At time of writing, the cross is trading barely above 0.9890, printing a 0.3% loss on the day.

Even though the Australian dollar remains among the worst performers on Monday, it managed to bounce from a 1-month low of 1.0370 scored earlier, although it remains in negative territory for the day. At time of writing, AUD/USD is quoting at the 1.0385 zone, still down 0.3% on the day. The Kiwi shows a similar picture.

However, most crosses in the FX market continue to seesaw in recent ranges as investors shy away from big moves ahead of the so-awaited Jackson Hole meeting of central bankers.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

Referenced Stocks:



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