Metals Rebound Overnight as the Yen Weakens Against the Dollar

Precious metals led benchmark activity as extended trading accelerated into the following session. During regular trading for Wednesday, September 30, gold reversed early gains as higher energy prices and elevated bond yields offset cooler inflation readings. However, in extended trading following the regular market close, precious metals rebounded and gained ground across international desks, with gold +1.5% and silver +1.0% by 12:50 pm New York.

In currency trading, the yen weakened against the dollar to finish the session, with the yen -0.2% against the dollar. The dollar traded largely flat against major peers after softer-than-expected inflation data reduced rate hike expectations. Meanwhile, longer-term Treasury yields moved higher and private-sector employment increased by 90,000 jobs in September, creating competing forces across foreign exchange markets.

In digital assets, major tokens slipped slightly, recording Bitcoin -0.1% and Ethereum -0.2% in quiet trading without dedicated market drivers.

Looking ahead, the macroeconomic calendar includes several scheduled releases that will provide fresh data on economic activity and monetary policy. On October 1, the schedule features the monthly manufacturing activity report alongside Japan's quarterly Tankan business survey and central bank summary of opinions. On October 5, the calendar also lists the services activity report.

On October 2, the schedule brings the September employment situation report. In the following week, the calendar lists international trade figures for August on October 6, followed by the publication of the September monetary policy meeting minutes on October 7. The Bank of Japan is also scheduled to hold its next monetary policy meeting on October 29 and 30.