The dollar is easing across the board, oil is near the top of the $35/50 trading range that has contained the bulk of the price action for the past many months and US bond yields are back up toward the 3.0% level in 10-year notes. These factors are in addition to a renewed rebound in US equities.
It is interesting that gold holds up as well as it does against this somewhat brighter macro backdrop. The yellow metal fell to the low $890s last week when both stocks and the dollar were not near their present levels (stocks higher than that point in time, the dollar lower). We trade now at $914.
USD/JPY has backed away from morning highs at 99.00. Lower risk aversion and Chinese sales are two factors weighing on the greenback.
