Loonie up on oil rates - South African Rand climbs on rising demand commodities
Loonie up on oil rates - South African Rand climbs on rising demand commodities
12-27-2009 09:42
The Loonie, an informal term for the Canadian Dollar, gained today against the 6 most important currencies due to rising crude oil rates, which is Canada’s key export product to the United States. The prospects for the Canadian Dollar are still one of the most favorable ones in the Forex market.Canadian Dollar
This week resulted in positive prospects for the Loonie due to climbing crude oil rates for a third consecutive day, favoring the Canadian Dollar to rise against the Single Currency and the Sterling, and to a lesser extent against the Greenback. The Australian Dollar’s rally ended to some extent, after a report regarding recovering US unemployment claims was published. This provided the US Dollar support to erase partially the losses against its Canadian counterpart, as positivism towards the recovery of the American economy improved, following a day of negativism caused by yesterday’s gloomy housing figures.Crude oil
Canada’s exports consist for nearly 50% of raw materials, and the prospects for the Australian Dollar are very positive, while the improvement of the American economy in 2010 is expected to stimulate demand for Canadian exports, providing the Canadian Dollar support to rise against currencies with a comparable profile, such as the Aussie, an informal term for the Australian Dollar.South African commodities
The South African Rand reached the highest level in a week against the Greenback this Thursday on the back of emerging demand for South African commodities, boosting the Rand to gain in spite of pessimistic suggestions.Rand
South Africa’s Rand gained today and touched the highest rate in a week against the US Dollar, despite the fact that currency analysts speculated about a decrease of the Rand as a result of expectations that US interest rates will be increased next year. The Rand’s jump was the result of rising demand worldwide for metallic commodities, such as platinum and gold, thus alluring capital to South Africa.
