Lately, investors have been switching from treasuries to other asset classes that are primarily commodities. The expectations of the further weakening of the dollar have lead to crude oil to climb above USD71, which is a seven-month high.
With liquidity and more money sharply pushing into the commodities markets through rises in agriculture, metals, and energy, the oil market is rising. Goldman Sachs Group Inc. has recommended their clients buy more currency as they suggest that the euro rates may increase for a second straight day in relation to the performance of the commodities market. Early in the morning the dollar was trading for USD1.4137.
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Yesterday’s unexpectedly weak US macroeconomic data is likely to somewhat dampen recent optimism...
|South African Rand||17.851|
|GBP indicative mid-market rate at 22:10. Please call for quote.|