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Gold trades above $2,060 as the dollar falls further

Further to the penultimate, where I expressed my disappointment at the immediate reaction in the EUR/USD to the really rather poor ISM data, the Euro has actually now made a bit more progress, but only it seems as the USD/JPY has fallen back further. That said, at least the EUR/USD is now doing what it should have done a lot quicker than it has played out. Meantime, the fall in US yields and further downside in the USD/JPY (now approaching 150) has been music to the ears of Gold. Earlier the metal had fallen back from a session high just above $2,057, to below $2,045 after the US PMI data was revised higher. The reaction to the weak ISM data has seen it reverse all of that and a bit more, as it now rises to a new high on the week, above $2,060. Gold is currently trading at $2,063.15

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