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Asian Currencies Set for Third Weekly Advance on Japan, China	20:28 Bloomberg - Markets - Currencies
Forex Flash: USD/JPY range to be at 85-90 in 1Q 2013 - Bank of Tokyo-Mitsubishi UFJ	20:27 FXstreet - Forex News
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Forex: NZD/USD at session lows below 0.8450	19:47 FXstreet - Forex News
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China's inflation jumps to 6-month high	19:40 Associated Press
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Gold Jumps Along with Euro

by Peter A. Grant

Jan 10, AM
(from USAGOLD.com) --

Gold surged in early New York trading on Thursday, spurred by higher than expected U.S. initial jobless claims and a rebound in the euro back above 1.3200. Strength in the euro forced the dollar index back below 80.00. Today's gains put the yellow metal back aboe the 200-day moving average once again.

Both the BoE and the ECB held steady on rates today. There were some that suggested the ECB might cut the refi rate to 0.50% as soon as today, so initial euro gains may have reflected some unwinding of these expectations. However, ECB chief Mario Draghi revealed in his press conference that the vote to hold the refi rate at 0.75% was unanimous. With seemingly no pressure at this point from monetary doves, the euro began to build on those earlier gains.

Dragi indicated that growth could return to the EU this year, but he also said that the real economy remains weak at this point. While I suspect a rate cut could still happen, if that weakness persists deeper into the new year, steady policy now seems secure for the remainder of Q1. The interest rate differential with the U.S. — albeit a small one — will tend to favor further euro gains versus the dollar. Unless of course, some new uncertainty with regard to eurozone sovereign debt crops up; which is a possibility that should not be completely discounted.

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Gold Jumps Along with Euro