NEW YORK ( TheStreet) -- Commodity currencies were gaining Tuesday afternoon as dollar weakness helped prompt a rebound in commodities and corresponding currencies.
The Australian dollar was up 0.6% against the dollar at $1.07658, the Norwegian Krone was 1% higher at $0.18234, the New Zealand dollar, or kiwi, was rising 0.4% at $0.79344 and the Canadian dollar was up 0.2% at $1.03624.
Commodities are frequently sought as a hedge against inflation and a weaker U.S. dollar. Meanwhile, a weaker-yielding U.S. dollar allows it to be used as a funding currency for riskier trades in commodity currencies.
"Also aiding commodity prices was European Central Bank
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV