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Oil Crumbles, Cable Reverses and the Dollar Continues with Bullish Structure. GBP Reacts to CB Talk as the Queen Speaks. USD Waits for Fed Speakers; NZD Vulnerable to RBNZ. Gold, USD Strong Inverse Correlation and in Confluence. FTSE Further Develops Range on Sharp Turn Lower. Dow Jones Industrial Average Struggles to Hold the Gap Higher. While the Iraqi Dinar has become a currency-du-jour of sorts, with many so-called experts claiming that it is a smart investment option for foreign exchange traders, the current underlying fundamentals of Iraq and the Middle East on the whole make it an unappealing trading opportunity for the time being and years to come.

Primarily, there is no market for the Iraqi Dinar spot: USD IQD right now. Starting in , following the US led invasion of Iraq, the Dinar has faced illiquid market conditions amid continued uncertainty of the political outlook of the country.

In January , it weakened to The chart below says it all: Despite these conditions, investors are still drawn to the prospect of a politically stable Iraq in the future, and, more likely, finding exposure to movements in oil — good reasons to invest in a potential commodity.

However, given that there are few buyers and sellers of the Iraqi Dinar currently, those seeking to expose themselves to the prospect of appreciating oil prices should look elsewhere. Over the past two years, four currency pairs have moved significantly with Crude Oil futures, making them an appealing trading opportunity for those looking for exposure to commodity strength.

If investors are looking for said opportunities, they should look no further than going long AUDJPY , long AUDUSD, long CADJPY, or short USD CAD. Accordingly, trading these pairs as exposure to oil has resulted in greater yields than Crude Oil itself over the past two years. As quantitative easing is expected to resume around the globe for the coming months, broad market sentiment is that commodities should resume their recent trend of appreciation.

Now, with the USDCAD pair holding near its highest correlation to Crude Oil in the past decade , opportunity exists for traders to yield significant profits on any further Crude Oil appreciation in the coming months by going short USDCAD, or even long AUDJPY, long AUDUSD, or long CADJPY. To cont act Christopher Vecchio, e-mail cvecchio dailyfx.

Follow him on Twitter at CVecchioFX. DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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Market News Headlines getFormatDate 'Wed Jun 21 GBP Reacts to CB Talk as the Queen Speaks getFormatDate 'Wed Jun 21 Technical Analysis Headlines getFormatDate 'Wed Jun 21 Gold, USD Strong Inverse Correlation and in Confluence getFormatDate 'Wed Jun 21 Education Beginner Intermediate Advanced Expert Free Trading Guides. Click here to dismiss. Get Your Free Trading Guides With your broad range of free expert guides, you'll explore: News getFormatDate 'Wed Jun 21 News getFormatDate 'Tue Jun 20 Want to Trade the Iraqi Dinar?

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