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Gold finding its feet again?
The noted reaction across the major FX markets to the latest US jobless claims data has continued to see the USD/JPY take the lead in all that surrounds within the G10 space. The failure to hold an initial rebound above 145.20 has helped gold to rebound a bit more today. It is now clearly trying to build a base, as was the case yesterday and that has now seen the metal lift to session highs a moment ago, as the USD/JPY falls back. Naturally, gold still has it eyes firmly fixed on the USD/JPY price action, but the decoupling of the Yen/Gold correlation has for now seemingly stopped for the time being and that has helped gold to rise close to $2,040 as I type.
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