Commodities: AUD and NZD under pressure – ANZ

By FXStreet FXStreet (Guatemala) – Analysts at ANZ offered a sum up of the commodities sector that has started to weigh on the NZD and AUD.

Key Quotes:

“Crude oil prices were weaker on Friday, and also down for the week. Recent CFTC data suggest that speculators are cutting bets on rising oil prices. Net speculative long position declined by 13,841 contracts for the week ending 20 October. Baker Hughes reported US oil rig count fell by 1 to 594. Declines in rig counts were evident in the Permian basin, where rigs declined by three, but small increases occurred in other basins.”

“Base and precious metal prices were down for the week. Copper prices remained under pressure amid mounting concerns over slowing Chinese growth, the world’s largest user of the metal. Strong US data raised the chances of a December Fed rate hike, which negatively impacted the gold price. Changes in key gold markets are also likely to be negative for the gold price. India plans to start a gold monetisation scheme, offering gold bonds and the sale of bullion coins before the Hindu festival of Diwali in November.”
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Source:: FX Street