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investingLive Asia-Pacific FX news wrap: Gold cracked above US$4500, but then gave it back
Key Takeaways (30s Read)
Gold briefly surpassed $4,500 but then pulled back. The dollar showed broad weakness during the session.
The Asia session summary highlights that Japan's November services PPI printed at 2.7% y/y, aligning with expectations and reaffirming ongoing price pressures in the services sector. Additionally, minutes from the BoJ's October meeting were released but received little attention due to the more significant December rate hike decision. In FX markets, a broad weakness of the USD was evident, with the dollar index continuing to decline, allowing several G10 currencies to reach session highs. The yen strengthened, supported by recent official comments addressing excessive JPY weakness. The Australian dollar advanced, and the euro and pound approached three-month highs. Notably, the South Korean won surged as reports indicated the pension fund activated strategic FX hedging measures, adding institutional support. In commodities, precious metals extended their recent rally, with gold briefly breaking above the $4,500 level before easing back below, while silver traded above $72, outperforming during the session. Traders are closely watching potential price fluctuations based on these trends.
AI Analyst
AI Opinion
"Currently, the gold market is testing the psychological resistance level of $4,500, and the subsequent pullback raises questions about the medium-term trend. As the overall weakness of the U.S. dollar boosts G10 currencies, the strengthening yen is an important sign for traders who are sensitive to Japan's economic data and policies. The South Korean pension fund's activation of hedging strategies adds a positive support factor for the won, potentially increasing fluctuations across Asian currency markets. Additionally, traders should consider the overall risk environment and the seasonal factors that typically lead to reduced volatility around Christmas."
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