A 1.6% bounce in the Nikkei has led Asian shares higher so far today as the yen skids on pretty much all the major crosses. Copper has reached a 13-month peak and gold another record above $2,300 an ounce.
A 1.6% bounce in the Nikkei has led Asian shares higher so far today as the yen skids on pretty much all the major crosses. Since the threat of intervention has capped the dollar at 152.00 yen, investors feel safe in selling the yen against everything else. Even the Canadian dollar reached a 16-year peak versus the Japanese currency, helped in part by the recent sustained rise in oil prices.It's not just oil. Copper has reached a 13-month peak and gold another record above $2,300 an ounce.
Copper may have been boosted by China's moves to promote auto trade-ins and scrap government-set minimum down payments for consumers financing new car purchases. Autos, particularly EVs, are big users of copper. Gold seems to be benefiting from buying by momentum funds and commodity trading advisors (CTAs) since its clean break of $2,072 resistanc
Asian Shares Yen Gold Copper Record High
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