Risk markets pushed higher over the week, spurred on by a lull in Israel/Iran hostilities. Next week the FOMC and tech heavyweights Amazon and Apple will dominate risk sentiment.

Gold rose last week but the size of the recent gains have tapered off as risk sentiment recovered. Will elevated rates weigh on gold or will growth concerns provide support?

Year-on year US PCE data followed on from yesterday’s quarterly surprises to give the FOMC something to think about when they meet next week to set interest rates

The Japanese Yen continued to fall to new multi-decade lows against a range of currencies after the BoJ left monetary policy unchanged. Weaker-than-expected Tokyo inflation the driver of the latest move.

Gold and silver have pulled back from their respective highs, looking for the next catalyst. With risk sentiment improving, precious metals may find support from a softer USD

US crude inventories fell, but much of this was down to oil exports rather than strong local demand.