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Commodity currencies explained
City Index May 5, 2021 12:06 PM
There are certain currencies that are linked to the price movements of commodities. Once you get to grips with the relationship phenomenon, you can take advantage of these trading opportunities. Find out what commodity currencies are and how to get started trading. Share:
Commodity currency definition
A commodity currency is a currency that moves in a correlated step with the global price of primary commodities due to certain countries’ dependency on the export of raw materials for income.
The commodities include minerals like copper, iron ore and coal, energy products such as oil and gas, precious metals, and dairy products like milk.
WTI swinging either side of $60 00 levels, weighed by international Covid-19 concerns fxstreet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fxstreet.com Daily Mail and Mail on Sunday newspapers.
Apr 1, 2021 17:36 GMTFXStreet News
Crude oil markets have been choppy in recent hours and have fallen back towards weekly lows.
Sources indicate that OPEC+ will be gradually increasing output from May.
But the softer USD and strength in stocks may keep WTI supported above $59.00.
Crude oil markets have seen rollercoaster price action over the last few hours, with market participants watching events at the OPEC+ meeting intently. Right now, it looks as though the cartel will be bringing crude oil back online from May and crude oil markets seem not to like this outcome. As a result, front-month futures contracts for West Texas Intermediary (WTI) crude oil have fallen back to the low $59.00s and are probing weekly lows. A break below the $59.00 level would open the door to an extension of losses towards March lows in the mid-$57.00s.
WTI bouncing between $60 00-$61 00 levels as Thursday s OPEC+ meeting looms forexcrunch.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forexcrunch.com Daily Mail and Mail on Sunday newspapers.