Forex: Commodity currencies reverse gains
FXstreet.com (Córdoba) - After a positive start, currencies linked to commodities came under pressure and erased intraday gains versus the greenback as stocks turned lower amid thin trading conditions, while investors await signs of progress in US fiscal cliff talks.
The Australian dollar reached a daily high of 1.0384 but then lost momentum and resumed its downward path to hit its lowest in 5 weeks at 1.0343. At time of writing, AUDUSD is trading at the 1.0355 area, slightly below its opening price.
The Canadian dollar also retreated versus its US counterpart, with USDCAD bouncing from a low of 0.9911 to a 3-day high of 0.9949. It was last up 0.3% at the 0.9940 zone.
The Kiwi also fell to a 5-week low of 0.8153, weighed by the mild risk-off mood.
The Australian dollar reached a daily high of 1.0384 but then lost momentum and resumed its downward path to hit its lowest in 5 weeks at 1.0343. At time of writing, AUDUSD is trading at the 1.0355 area, slightly below its opening price.
The Canadian dollar also retreated versus its US counterpart, with USDCAD bouncing from a low of 0.9911 to a 3-day high of 0.9949. It was last up 0.3% at the 0.9940 zone.
The Kiwi also fell to a 5-week low of 0.8153, weighed by the mild risk-off mood.
Free Annual Reports
