Commodity Dollars Weighed Down As Gold Backs Off from Record of $1009

March 15, 2008

During the US trading session, gold futures rocketed to a record high of $1,009/oz on the Bear Stearns news, but the metal subsequently pulled back, while oil futures fell to $110.10/bbl after hitting a record of $111/bbl yesterday.

The price action weighed on the commodity dollars – including the Australian dollar, New Zealand dollar, and Canadian dollar – but it is worth noting that NZD/USD tested the 26-year highs near 0.8200 once again today, as manufacturing sales gained 8.3 percent in Q4 as production of meat and dairy products surged. This was the sharpest increase since record-keeping began 15 years and was led by a 26 percent jump in meat and dairy output.

Author, John Kicklighter and Terri Belkas, Currency Analysts

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