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Forex Flash: Further downside potential in gold short term - Nomura

FXstreet.com (Barcelona) - Nomura continues to argue that for Gold to find a bottom, "we need to see ETF holdings head higher before calling the low, as this has not yet occurred there could be further downside potential in the short term" Nomura notes.

Nomura adds: "We are flat in the yen but would still be inclined to buy a further dip in yen crosses but look for JGB yields to stop going higher and volatility to come down to get a clear signal. In addition, we have restructured our EUR/USD exposure via options and have initiated a new relative value trade, essentially positioning for CAD underperformance."

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EUR/JPY tracking higher during Asia trade, up 55 pips at 128.72 after Finance minister Aso commented “Nobody opposed Japanese policies” at the G20 conference.
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Session Recap: USD range bound; G-20 “applauds” BoJ policy

USD eased during the Asia-Pacific against EUR and AUD while strengthening against Yen, thus leaving US Dollar index practically unchanged around the 82.60 level for the June contract, with EUR/USD last at 1.3062, AUD/USD at 1.3015, and USD/JPY at 98.48.
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