Commodity Currencies Back To Interest Rates

Main commodities were increasing throughout the active New York session Monday. Whilst the Australian, New Zealand and Canadian dollars were surely boosted by the 7 % progress in oil and 2.3 % rise in gold; the increase in natural resources was minor to the broader development in risk appetite. But similar to the rebound in risk appetite, the increase in these majors apparently is not going to last. Event risk today indicated that housing prices in New Zealand dropped 6.8 % in the year throughout November, same as the record dropping from the prior month. The continuing fall only confirms the RBNZ’s policy attempts until now have not achieved much to recover credit situations and consumer sentiment in New Zealand.