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Gold and stocks sink on Tuesday while oil remains robust

News by Allie Longford on 15:07 Octuber 04, 2016 EST
Big moves in the market on the second day of the week.

The euro is the indisputable winner among the major currencies this Tuesday. The single currency bounced back against the strong US dollar and trades again above the 1.12 handle. It was very strong against the New Zealand and the Australian dollars appreciating by 1.27% and 0.87% on the day.

Gold was dumped in the market and was the sick instrument of the day. It lost more than 3% against a basket of assets and trades now well below $1300/oz, a level the precious metal was getting comfortable with. At the time of writing an ounce of gold is worth $1272.

Overall, commodities and commodity linked currencies on the way down against traditional currencies particularly those perceived as safe havens. It is worth noticing that oil did remain well bid despite correlated assets sinking on the day. WTI remains above $48 in late trading.

Stocks were also suffering and S&P 500 have shed 20 points on the day trading near 2140 as the US session end approaches.