Dollar weakness - Minor Sterling strength - Commodity prices play their part on a basket of major currencies too need to buy or sell currency?

The Dollar weakened over yesterdays trading for a number of reasons, firstly following the dust settling oover the Dubai situation (I am sure it won't be long before it comes back again with a vengance) investors are now once again willing to pump their money into perceived riskier currencies instead of leaving it in the safer haven of the Dollar in order to get higher returns.

When things are looking shaky in the world economy investors do generally tend to shift funds to Dollars or indeed into gold - hence the fact that we have seen a huge increase in gold prices this year, when things settle slightly then as mentioned the funds get pulled out of the Dollar and Gold (priced in Dollars) potentially leading to Dollar weakness.

Oil prices are also particuarly high at present, and with the U.S being a net consumer of oil (they buy more than they produce) this pushes prices up in the states as a whole potentially weakening the Dollar again hence the movements we saw yesterday.

This is good news however for Countries/economies such as Canada, Australia and South Africa who have huge mining interests so in turn this should strengthen these currencies so anyone holding out for GBP/AUD or GBP/ZAR rates to improve may want to reconsider - especailly with Australia proving they are holding strong and increasing interest rates for a third month running on Tuesday.

Todays data due out is Producer Price Index for the Eurozone at 10:00am - expected is a rise of 0.1% month on month for Octover - any change may lead to volatility.

This lunchtime onwards we see data out for the U.S so keep your eyes peeled for Dollar movements throughout the afternoon.

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