Today was a bad day for commodities. Gold went down around one percent and silver tumbled even more. Oil did not change much from yesterday and S&P 500 slightly moved lower. All of the above mentioned will be strongly impacted by Friday US release of Non-Farm payrolls. Do not forget to follow that.
The same downward pressure was experienced not only by future commodities, but also by commodity currencies, particularly Australian dollar and New Zealand dollar. All the gains from yesterday were entirely erased. We have to see what GDP comes out today from Australia. It might revive the rally in both currencies.
It was a bad day for Japanese Yen too. That's what we expected anyway. They need to stop their stimulation program before Yen can recover.
In general, Euro, Swiss Franc and British Pound were the strongest today. This trend might change on Thursday when EU and England release interest rate decisions.
Good bye for now.
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