The Loonie is trading at a 12-month low against the Greenback, and Oil is the only story the desk wants to tell about it. That story is wrong, or at least it answers the wrong question.
The Aussie Dollar continues to lose momentum, remaining unable to not only find a catalyst that prevents the currency from falling further but also reverse course and at least start trimming its recent weakness Meanwhile, dynamics around the US Dollar and geopolitics seem to have been too much for
Spot Gold traded as low as $3,964 on Wednesday, its lowest since November 2025. The bright metal bounced and regained the $4,000 mark during American trading hours, but undeniable US Dollar (USD) strength persists across the FX board.
Oil markets received some encouraging news after weeks of rising tensions in the Middle East. But let’s not get ahead of ourselves: we’re far from victory, and markets just seem to have priced out the worst-case scenario.
Keir Starmer resigned on Monday, and the Pound barely moved. That near-silence is the tell.
Gold (XAU/USD) recovers slightly from a nearly two-week low, around the $4,050 region, touched earlier this Wednesday.