Global FX and Commodities: The dollar, metals, APAC and vols

• Valuations were fair on last Friday, with the exception of the media-reported rate check by New York Fed for the Japanese yen which triggered a rise in the dollar and metals trade.
• Despite potential consolidation and pullbacks ahead of payrolls, the macro backdrop favors pro-cyclical currencies and a weaker dollar.
• Gold is believed to have a structural bullish trend, while silver may experience a sharp correction due to speculative overextension, and copper's rally is driven by Chinese flows and supply constraints.

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