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- 01Bond yields and currencies.A bond yield is the return a government bond pays at its current price. The yield spread is one country's yield minus another's. When the spread moves in a currency's favour, that currency often strengthens, sometimes after a delay. The link is common but unreliable, and it can break in panics and debt scares.
- 02Commodity currencies.Commodity currencies belong to countries whose exports lean on raw materials: the Australian dollar with iron ore and coal, the Canadian dollar and Norwegian krone with oil, and the New Zealand dollar with dairy. Higher export prices tend to lift these currencies, but the link is loose and changes strength over time.
- 03Gold and the US dollar.Gold is priced in US dollars, so a weaker dollar tends to raise the gold price and a stronger dollar tends to lower it. US real interest rates often push gold and the dollar in opposite directions too. The link often breaks: in a crisis both can rise together, and heavy gold buying can lift gold in every currency.