investingLive European markets wrap: Yen bounces back a little, precious metals stay hot

The Japanese yen was the focal point during the session, initially surging above 159.00 to its highest level since July 2024. However, verbal intervention from Tokyo officials emphasized that the yen's decline wasn’t aligned with fundamentals, triggering a sell-off in USD/JPY. The pair saw volatile action, touching as low as 158.15, ultimately settling down 0.3% at 158.56. This was influenced further by the announcement of a snap election by Japan’s Prime Minister Takaichi. In contrast, other major currencies remained relatively stagnant, with the dollar trading cautiously ahead of U.S. economic data releases. U.S. futures are broadly lower, with tech stocks leading the declines; S&P 500 futures are down 0.5% and Nasdaq futures are down 0.7%. Meanwhile, the precious metals market continues to thrive, with gold up 1.0% at $4,634 and silver rising near 5% to $91.30, breaking past the $90 mark. Investors should closely monitor these movements while managing risk effectively.