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Commodity-linked currencies recover after crude bounce

Published 23/11/2015, 11:44 pm
© Reuters.  Commodity-linked currencies recover after crude bounce
AUD/USD
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LONDON, Nov 23 (Reuters) - The Norwegian crown jumped to its highest in six weeks and the Australian and Canadian dollars recovered some losses on Monday after oil prices jumped on a Saudi government briefing note saying it was ready to cooperate in maintaining stable markets.

The crown EURNOK= rose to its strongest since the start of October at 9.1635 crowns per euro after oil prices jumped more than 3 percent in the space of around 20 minutes following initial reports on the Saudi position.

Some traders said the Saudi position was nothing new, but it came in a nervy run in to the Thanksgiving holiday in the United States, which will be followed by a meeting of OPEC.

The Canadian dollar, traditionally tied to the value of oil, was flat on the day at C$1.3340, having been down sharply, while the Aussie recovered around a third of a cent to $0.7203.

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