Copper prices are moving lower in Asia-Pacific trading as traders weigh contrasting economic data and a shakeup in President Xi Jinping’s newly formed government. Meanwhile, a potential breakout is on the horizon.
Gold prices fell last week as Treasury yields rose amid hawkish Fedspeak. With a FOMC blackout period among us, traders’ focus turns to economic data. US PMI data is front and center for gold and rate hike bets.
The Japanese Yen is on track to fall for the twelfth day against the US Dollar, putting the threat of intervention at the forefront for traders. Asia-Pacific stocks look set for a mixed open.
The Japanese Yen approaches a critical level against the US Dollar at the 150 mark, setting up another fight against Yen shorts and Japan’s policymakers. Chinese interest rates are also in focus for APAC traders.
Gold prices fell on Wednesday against rising yields and US Dollar, and prices remained under pressure in Asia-Pacific trading. A weak US initial jobless claims report may provide respite to bullion prices.