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Yen/Gold dynamic sees Gold on the drift to European session lows
Following on from the previous update noting the news session highs in the USD/JPY, the Yen/Gold dynamic is in place this afternoon. There are no US bond markets to drive the move lower in the Yen, but irrespective of that, the further rise in the dollar versus the Japanese currency has weighed on Gold and just now pushed the metal to fresh European session lows, underneath $2,655. Of course this might change when the US equity markets reopen, but right now the risk backdrop is clearly benign, as witnessed by the current pricing across the US equity futures and that dynamic has also helped to push gold lower just now. It is currently trading at $2,655.75
Market News
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