Gold’s extended rally into the weekend has the commodity currencies headed into the close in well-supported fashion. It looks like it will end the week within a quarter of its highs for the week as fears of a global double-dip recede a bit.
European growth is less of a concern this weekend than it was last week but US growth is probably a greater concern than it was a week ago. Copper has had a very poor week but that has been overshadowed by the rise in both gold and oil. Markets have had mixed fortunes across the specrum this week but commodity currencies come out on top as the dust settles.
AUD heads into the close at 0.8695 after trading as high as 0.8709.