U.S. Dollar Gainst Against Commodity Currencies as Gold Prices Plunge
November 13th, 2010
The U.S. dollar is gaining against commodity currencies today. One of the biggest reasons is that gold prices are plunging, bring other metals prices down.
Gold prices dropped below $1,400 an ounce today. Some of it was probably caused by profit taking, but another concern is that China is taking active steps to slow its economic growth.
Commodity currencies rely on commodity prices, like that of gold, to help them. The Canadian dollar, Australian dollar and New Zealand dollar are all down against the U.S. dollar today as gold prices head down. The euro is expected to show weakness relatively soon as well.
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