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What is a commodity currency?

A commodity currency is a currency that moves in a correlated step with the global price of primary commodities due to certain countries’ dependency on the export of raw materials for income. The commodities include minerals like copper, iron ore and coal, energy products such as oil and gas, precious metals, and dairy products like milk.

Which currency is correlated with commodity prices?

Other currencies are also impacted by commodity prices but have a weaker correlation than the above three, such as the Swiss franc and the Japanese yen —which tend to rise when commodity prices fall. Knowing which currency is correlated with what commodity can help traders understand and predict certain market movements.

What are examples of commodity currencies?

Examples include the Australian, Canadian, and New Zealand dollars as well as currencies of oil-producing nations. Investors trade commodity currencies, in part, to take advantage of commodity price fluctuations that drive these countries' exchange rates.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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