Commodity prices may receive renewed support ahead of next
week’s ECB decision. The stronger performance of commodity prices has strengthened
commodity currencies like CAD and AUD, who are recovering from recent lows. One
suspects the ZAR will receive similar support just as it did yesterday.
For a second consecutive day the rand gained as metal prices
rallied on reports that banks will do more to encourage growth. Gold and
platinum prices increased, but orders for durable goods in the US fell the most
in seven months and German business confidence slipped for a second month.
One day before the UK growth statistics are to be released,
Chancellor George Osborne has become anxious to reveal measures to increase
economic growth. On Wednesday he announced revised plans for the Funding and
Lending scheme, but UK experts on credit supply were not impressed. Economists
and BOE insiders welcomed the scheme, but believe it will only have marginal
effect.
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