DailyFX Research: Moves in Gold, Japanese Yen Ominous; Watching AUD/USD & USD/CAD

Commentary, Forex, News
Talking Points:
– A surge higher by Gold and the Japanese Yen, and a swoon in US yields suggests traders are indeed seeking safety positions ahead of the long weekend as geopolitical tensions rise in Asia.
– Event risk over next 24-hours caters to likely volatility in AUD/USD, AUD/JPY, USD/CAD, and CAD/JPY.
FX and commodity markets are offering a fairly ominous warning to global financial markets: seek shelter from the incoming storm. When non-market/geopolitical risks are rising, particularly around holidays, traders begin to take shelter in safe haven assets like Gold or the Japanese Yen. No one who will be away from their desk for an extended period of time wants to be caught on the wrong side of a surprise, negative development. The fact that we’ve seen Gold, the Yen, and US yields all move in tandem shouldn’t be taken lightly.
Ahead of the holiday weekend (and potential escalation between North Korea and the United States), there are still a few data/event hurdles to clear. Over the next 24-hours, event risk dictates that more attention should be paid to the Australian and Canadian Dollars.

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