sentix ASR Essentials 04-2018


Gold optimism at risk if dollar pessimism recedes

The latest sentix survey underlines the extent to which investors are downbeat on the US dollar, both in the near and medium-term. This is especially evident in strategic bias readings on USD/JPY, which this week dropped to the lowest level seen since 2012. Deep pessimism on the dollar chimes with investors’ elevated optimism on Gold. In this respect, therefore, it is notable that near-term sentiment on USD/JPY has edged back from recent lows in the last couple of weeks. Elevated optimism on Gold could be challenged if pessimism on the dollar further recedes. See charts 2-4, p2.

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