Commodity markets marked an historic moment on Thursday when gold touched the key $1,000 level for the first time while oil prices hit a new peak as the dollar sank through the Y100 mark and further turbulence rocked financial markets.

The dollar sank through the Y100 mark for the first time in twelve years and more downward pressure is anticipated if the Fed reduces interest rates further. Dollar weakness is widely seen as a key factor fuelling the record breaking runs being seen in energy, metals and agricultural markets as it reduces the prices of commodities to overseas buyers.