Mining giant Glencore faces its largest day of losses and the impact is eating away at the loonie, AUD and GBP
Glencore shares have lost 25% today in heavy volumes with traders citing bearish Investec client note questioning equity value for shareholders if spot metal prices do not improve
Investec go on to say that debt is fast becoming the most important consideration for mining company management
The negative mining sector/commodity currency sentiment has not been helped by falling oil and gold prices this morning and that has seen a steady decline in AUDUSD to drop below 0.7000 and USDCAD staging a steady march higher to test supply around 1.3380
Glencore shares are listen in London and that has had its own negative impact on GBPUSD as investors head for the exit doors
Cable has duly capped out into 1.5250 and has tested 1.5180 support areas again
