The following table includes the correlation between gold and the most popular currency pairs over various timeframes. A value close to +1 indicates a strong positive relationship between gold and the pair, while a value close to -1 indicates a strong negative relationship. Colored values indicate week-to-week changes of over 30%.

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Gold

USD/CAD

AUD/USD

NZD/USD

EUR/USD

GBP/USD

USD/JPY

USD/CHF

3 Day 15 Min

0.86

-0.83

-0.72

-0.67

-0.33

-0.02

-0.56

1 Week 60 Min

0.69

-0.20

-0.25

-0.77

-0.67

-0.07

-0.68

2 Week 60 Min

-0.45

0.72

0.03

-0.63

-0.63

0.82

-0.06

1 Month Daily

0.13

0.40

0.11

0.26

0.04

-0.78

0.47

Weekly Commentary: As fears of a stalling global recovery were hardened after weaker German employment figures and US NFPs, investors continued to exit out of riskier assets including stocks and commodity currencies into safe havens including gold, dollars and yen. Despite the continued risk aversion, the franc surprisingly weakened against major counterparts during the week including the Euro on concerns the Swiss National Bank may use more tools to stem the appreciation of its currency.

Looking at the calendar for this week, the value and correlation between gold prices and the US dollar may once again strengthen pending Central Bank rate decisions and commentary from Australia, the UK, Canada and the Eurozone. Most analysts expect dovish statements from the commentaries, especially from the RBA and the ECB due to the slowing global recovery cutting into the strength of the respective economies.

Please note: Chart uses franc rate as CHFUSD to show safety correlation with gold.

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