While many markets are off today for Easter Monday, commodities are extending their gains, on believes China might tighten its monetary policy again in order to combat inflation, which could slow the global economic recovery.
The yen weakened today as well as the Asian stocks after Toyota Motor Corp, world’s No. 1 auto producer, said car production plummeted nearly 63% in March, while Australia, New Zealand and Hong Kong remained closed on Monday.
Volume is very thin today as major markets in Europe are closed today. This brought limited movements in the currency markets, yet the Aussie hit a new high driven by the record highs gold and silver climbed to.
Gold touched today the highest $1518.10 an ounce today, while crude oil trades around the $113 per barrel level on escalating violence in North Africa and the Middle East.
The US will release today the new home sales for March, but investors will be watching this week’s FOMC meeting on Tuesday and Wednesday that will culminate with the rate decision expected to be held unchanged with comments over possible steady policy for sometime with contained inflation threats in the United States.
Originally posted here
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