22nd February 2017

 Gold held up rather impressively on Tuesday despite a rising dollar (particularly against the Euro) and soaring US equity markets. There was not much in terms of news that we came across and neither were there any US macro numbers of note that were released. Currency markets instead focused on a narrowing French presidential race where far right candidate Marine Le Pen is ahead of the two establishment candidates in the first round, although polls are forecasting her to lose to either one by double-digit margins in the second. “Everybody has learned lessons from last year’s big surprises,” a strategist at Sumitomo Mitsui Trust Bank told Reuters. A better-than-expected slew of preliminary purchasing manager surveys out of France and Germany (as well as the Euro zone generally) were not enough to give the Euro much support either. At one point on Tuesday, the Euro sank to $1.0529; sterling held up better and in fact rose by some 1% against the Euro to reach a two-month high. 

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