Asian Metals Market Update for 5th February 2024

Asian Metals Market Update for 5th February 2024

The market is still betting on March interest rate cut it seems. There is a zero percent chance of March interest rate cut. May interest rate cut will be there only if there is a slowdown in US jobs hiring. I will not be surprised if the yen breaks and trades over 152.00 versus the US dollar for a few weeks. Japan is happy with a weaker yen. It will be difficult for spot gold to break $2100 before the end of the month. Consolidation period can continue for a much longer period than most of us expect.

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