Archived IMT (2009.03.19)

Currencies gaining the most against the beleaguered USD are the NOK and the AUD, followed by the Canadian dollar. CAD has turned around largely due to the oil play as US crude hits 2-mnth highs at $51.99, breaking above its 50-day MA for the first time since Aug 4th (after failing to break on Aug 21). Aussie, which struggled to join the euros gains in past days, is now outperforming EUR as gold and copper accelerate their bounce. With Australia being the second biggest exporter of copper, coppers 4-month highs are helping the currency test the 0.6970s.