On a quiet trading day marked by limited catalysts, markets experienced a slight pullback from recent highs. Participants showed a growing urgency to find a narrative, while the dollar weakened against several G10 currencies. In contrast, gold surged to record levels, creating speculation about a future test of $3,000/oz. Additionally, the Japanese yen gained from increased interest in further Bank of Japan hikes, while the latest jobless claims data remained largely stable, presenting no major surprises to investors.
Trade was again relatively quiet on Thursday, with participants still hunting around desperately for a narrative, or a catalyst, to latch onto, and markets meandering in the meantime.
Stocks did trade a touch softer, however, as Wall Street pulled back from record highs, while the dollar also took a leg lower against most G10 peers.
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