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Gold Gains as USD Hits Reverse


Futures Accelerate Gains on Break of Tues High

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FOREX: A fairly non-descript session for the major FX pairs thus far, with
little in the way of notable headline flow surrounding the key risk matters. The
major regional stock indices are lower, but well shy of the 3.0% fall that the
NASDAQ produced on Monday.
- JPY crosses moved to highs as BoJ Gov. Kuroda noted that he believes current
MonPol settings will bring about inflation in Japan. Kuroda also stated that the
"possibility of reaching the inflation target in FY2020 is low." USD/JPY has
stuck to a 25 pip range.
- There was little in the way of reaction on the back of release of the minutes
from the RBA's Nov MonPol meeting, with the Bank reiterating that the next move
in its cash rate is likely to be up, and that it sees no strong case for an
adjustment in MonPol.
- USD/CNH trades 50 pips or so higher, while USD/KRW is unchanged.
- Focus Tuesday falls on a speech from RBA Gov. Lowe in Melbourne. U.S. housing
starts & building permits, as well as appearances from various BoE members,
including Carney, in front of UK lawmakers.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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