Scoreboard: Up, up and Abe

Wall Street saw modest gains and gold surged on the back of a weaker US dollar and the vote of confidence in Abenomics.

The most interesting price action last night was in gold. In the strongest gain in over a year (percentage-wise), gold rallied 3.2 per cent or $41 to $1334. A big move and sudden too, I would have thought. As far as I can tell the move reflects in part a weaker dollar, but I say only partly because currency moves weren’t that large. For instance the euro was up 40 pips to 1.3188, the yen went from 99.97 to 99.53 and the Aussie dollar was nearly 50 pips higher to 0.9253.

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