Scotiabank strategists Shaun Osborne and Eric Theoret report the Japanese Yen (JPY) is slightly firmer, outperforming G10 peers despite broad US Dollar (USD) strength, as stronger PMIs signal improving growth. They see signs of exhaustion in USD/JPY’s advance with yield spreads stabilizing.
ING strategists Warren Patterson and Ewa Manthey say global Aluminium output is rising, including in China, Europe and Asia ex-China, but the market remains in deficit. They estimate around 3mt of capacity has been lost to Middle East disruptions and is unlikely to return quickly.
Gold has fallen for a third consecutive week, dropping to its lowest level since mid-June as a stronger US Dollar and hawkish Federal Reserve expectations erode the metal's appeal.