Gold Research
Commodity FX: Growth constraints cap carry – BNY
BNY’s Geoff Yu notes that a less hawkish Fed has weakened the Dollar but failed to spark a sustained bid in commodity FX such as Norwegian Krone (NOK), Australian Dollar (AUD) and Emerging Markets (EM) currencies Chilean Peso (CLP), South African Rand (ZAR) and Brazilian Real (BRL).
BNY’s Geoff Yu notes that a less hawkish Fed has weakened the Dollar but failed to spark a sustained bid in commodity FX such as Norwegian Krone (NOK), Australian Dollar (AUD) and Emerging Markets (EM) currencies Chilean Peso (CLP), South African Rand (ZAR) and Brazilian Real (BRL).
Gold impact rationale
Rising rate-hike or hawkish expectations increase gold's opportunity cost.
- Source: FXStreet news
- 2026-08-12
- rates
Topics: gold news, gold price impact, rates