The economics of the 'gilets jaunes' protests
Beyond the immediate anti-tax concerns, France's fuel price protests reflect a growing disconnect between urban and rural areas that could prove disastrous for Emmanuel Macron's centrist presidency.
Head of Commodity Strategy
Summary: Today's Asian session saw USDCNY near the crucial 7.00 level, with the currency's positive correlation to gold now fading in light of the equities rout and the consequent safe haven bid for the yellow metal.
Given gold’s relative strong performance so far this week (+0.8%) despite the stronger dollar (+0.9%) it is likely that resistance at $1,240/oz could be challenged and broken very soon. Not least considering a potential nervous session ahead in stocks following disappointing results from Amazon and Alphabet yesterday.