FX: Commodities unmoved, Oil profits sought further down curve
FXstreet.com (London) - Spot Gold has edged up $3 in Asian trading, currently quoting at $1133 per troy ounce. Crude at the front has stayed unchanged, after shedding $3 dollar in the previous session. Oversupply in crude markets and a general latency of demand from the US, the worlds biggest consumer, have meant Oil traders are
going further out on the curve in search of profits. That is to say, not much price action is envisaged near term but rather bets are being made on mid to longterm outlooks. West Texas Intermediate firm at $73.00 at time of writing.
The forex 'partners' of these two commodities, AUD and CAD, have mimiced the neutral behaviour staying largely flat and rangebound throughout the session.
