Currencies are bid against the US dollar, and gold has extended its run of record highs. While most of the currency gains have been mild, we have seen relative outperformance in the Yen and Australian dollar. As far as the Yen goes, there’s been an increasing buildup towards expectations for the BOJ to keep its foot on the gas with respect to rate hikes.
The Australian dollar has been better bid after a solid run of Aussie employment data, which casts doubt on the need for the RBA to move forward with any additional rate cuts.
Bigger picture, investors are focused on US administration trade policy updates and news around a possible peace deal between Russia and Ukraine. Looking ahead, we get Canada housing data, Canada producer prices, US initial jobless claims, the Philly Fed, and some Fed speak.
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