Gold above $1300 now

The reaction in the market on the cancellation of the Trump/Kim Summit has seen:

  • Gold move up above the $1300 level. Trades up to $1304 at the highs from just below the $1300 level
  • The S&P moved from about -8 points to -14 points. The Nasdaq moved from -8 points to -30 points currently.
  • The USDJPY moved to new session lows on a flight into the relative safety of the JPY. The USDJPY moved to a new session low at 109.16. The swing low from May 11 comes in at 109.15. The low for May is at 108.64.
  • The USDCHF also saw a move into the safery of the CHF. It traded to ta new session low at 0.9885

The President earlier this week said that their is a "substantial chance" that the meeting does not take place.

Last night, Choe Son Hui, the North's vice minister of foreign affairs, said if the meeting was called off, the U.S. could instead face off with North Korea in a "nuclear-to-nuclear showdown." She also called VP Pence a "political dummy". Her reaction to Pence was in response to the VP paralleling the N. Korea situation to that of Libya and Moammar Gadhafi if the N. Koreans did not have a full denuclearization.

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