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Forex: EUR/USD recovers ground but the risk is on the USD/JPY	16:06 FXstreet - Forex News
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Korea’s exports hit by weaker yen, recovery seen	14:35 Gulf Today - Business - International
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Gold Remains Consolidative As Thin Holiday Conditions Persist

by Peter A. Grant

Apr 01, AM
(from USAGOLD.com) --

Gold remains consolidative just below $1600 in thin holiday conditions. London and other European financial centers are closed today for Easter Monday.

The yellow metal remains underpinned by ongoing concerns that that the Cyprus debt crisis could spread to other periphery nations. While the banks on Cyprus reopened late last week, draconian capital controls prevail in an effort to prevent a run on the banks. Nonetheless, depositors are reportedly attempting to find ways to get their money out of the country. The Cypriot financial industry is effectively dead, which sets the stage for a protracted recession, and perhaps even a depression.

Heightened geopolitical tensions on the Korean peninsula are also supportive. Over the weekend, North Korea said that it had entered a "state of war" with South Korea. President Park of South Korea said the military should respond strongly to any provocation from the North "without any political considerations." The U.S. sent F-22 stealth fighters from Japan to participate in military exercises with the ROK, ratcheting tensions even higher.

Monetary policy from the BoJ, BoE and ECB come out later in the week. The BoJ is likely to provide some clarity on its easing intentions, perhaps bringing forward the open-ended government debt purchases currently slated to begin next year.

Fallout from events in Cyprus have increased the likelihood that the ECB will ease further, but probably not this time around. The ECB will likely hold steady on rates, but a more dovish tone may be evident.

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Gold Remains Consolidative As Thin Holiday Conditions Persist