Copper performing well in 2009
On the currencies front US dollar perk up a bit. Yesterday saw bit of decline and euro, pound and other Asian currencies actually were on the highs. But we have seen dollar recover as well. There is important job reports on Friday and tomorrow BOE (Bank of England) and ECB (European Central Bank) interest rate decisions also coming in and markets have taken a view on that as well.
Asian currencies have gained for the second day today. We have seen good gains happen in case of Korean won that’s been the leader in whole of that pack here and the important point that the markets also are looking at is that the ECB and Fed have extended their liquidity programmes. The forex swap lines provided by both these central governments have been now extended for the coming six months and the US of course does it to the 13 Central Banks so that would also continue for the coming six months and that also had lead to some support in the prices there and we have seen that translating in sense of commodities as well.
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