Commodity Currencies Trade Higher than the U.S. Dollar
Commodity currencies are trading near highs against the U.S. dollar today as concerns about what’s next for the U.S. debt ceiling dominate financial markets.
Indeed, the Aussie, loonie and kiwi are all trading high against the U.S. dollar as investors turn to gold, oil and other commodities that generally do well when the U.S. dollar is lower. These commodity currencies receive support from higher commodity prices.
With a U.S. debt default becoming a possibility, many investors are bracing themselves for what could be next: Another global financial crisis and a possible U.S. dollar crash.
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