© Dukascopy Bank
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Sugar faced sharp decline in the correlation with other agriculture commodities and the pair EUR/USD in the beginning of the year as sugar price was growing on China's plans to increase its sugar stockpiles. At the same time, link with wheat, coffee and corn improved this week after mass fall in the commodity group prices caused by the US crop report. However, the correlation coefficient remained in a negative territory. Sugar relations with Standard Poor's SP500 (SPX) stayed stable over the week while sugar's tie with the pair EUR/USD faced upside trend bouncing from negative territory from minus 0.01 to 0.03 after the Euro appreciated against the US dollar on the negative headlines from the US.