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The severe gyrations in global commodity......>

FOREX
FOREX: The severe gyrations in global commodity markets in recent years has led
to decorrelation with the major commodity currencies. 
- The impact of decorrelation is clear when comparing CLP, NOK, RUB and COP
against the price of the underlying primary commodity. While the Chilean peso is
trading broadly in line with copper, the ruble, krone and peso appear to be
trading at significant discounts to oil.
- Although the link has not been fully severed, commodity prices are
increasingly competing with other market drivers of FX cross rates such as carry
differentials, relative term structures and equity performance.
- Please see "The Decorrelation of Commodity Currencies" sent by email Jul 18,
17:57GMT for further details, or contact sales@marketnews.com for access

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