Market Report – Still safe haven flows dominate

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Forex Market News

Oil

Is still slippery as it falls further, below $61 now, down another 4% as I write. Base metals and soft commodities are falling again too, including milk.

Safe Haven

The bid for safe haven assets is still there, with the Yen appreciating and the Kiwi/Aussie carry trade holding them up, despite the slide in commodities. And the RBNZ has just kept rates on hold, at 3.5%, which is holding the slide on its currency for the moment.

Divergence in commodity currencies.

This is a great article, I urge you to read it.

The US dollar weakened somewhat against the majors, mostly due to safe haven buying as stocks also tumbled, currently down 1.5% in the US.

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