Gold Rockets Higher following North Korean atomic weapon test

Stephen Innes, Asia Pacific head of trading at Oanda said in a research note on Monday that the big question is how the international community will respond given how ineffective the tightened UN sanctions have been at discouraging North Korea’s nuclear programme.

Markets will also focus on whether China will unveil further restrictions on North Korea energy imports.

Demand for other safe haven assets was modestly higher, with the yen rising 0.5 per cent to 109.74 against the US dollar in early Monday action.

Regional equity market were also under pressure as investors sought to lower risk. The Hang Seng Index opened 0.3 per cent lower at 27,881.71, but held near a two-year high of 2,8127.90 that was hit last week.

Tokyo’s Nikkei 225 lost 0.9 per cent at 19.521.77 and South Korea’s Kospi dropped 0.8 per cent while Sydney’s All Ordinaries fell 0.4 per cent

South China Morning Post

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Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes