Gold
was a mover again, extending its uptrend even higher.
Shanghai
Exchange raised its margin ratio and also increased the limit on
price fluctuation to 8% from 7%.The moves coincided with a top in gold on the session and its just under US$2,900 as I update.
We
had verbal intervention comments from Japan’s Finance Minister
Suzuki. He added a new twist to his regular script by saying there is
a chance that FX will be discussed at next week’s G20 meeting. At the
margin this is slightly more aggressive jawboning. USD/JPY is off its
recent highs in a small range on the day.
In
regional central bank news both the Bank of Korea and the Monetary
Authority of Singapore (SG’s central bank) left policy unchanged.
Apart
from the yen and gold moves, major FX traded in tight ranges only.
Even USD/CNH tracked a small range only.
Gold, hourly candles: