FXCorrelations - Currency Correlation

Use this graph to understand how to enter into hedging trades or keep track of how a shift in the eco-political landscape of two countries changes the correlation of currency pairs, spot gold and spot silver.

For example:
A trader is long on EUR/USD and decides to hedge this risk. The first step is for the trader to use the FXCorrelation graph to pick the currency pair of metal that is most correlated to EUR/USD. The second step is for the trader to enter a short position on the correlated pair to hedge the exposure to the long EUR/USD.

Click here to view OANDA’s FXCorrelations.