Global markets are a bit more stabilized today, following yesterday’s swings.  As a result, major currencies are once again ahead of the US dollar – with both the Euro and British pound rising by more than 0.3% against the greenback.  Commodity currencies are additionally higher – led by advances in everything from gold to silver to crude oil.  Gold futures broke to a new high – which is making the financial headlines.

1.  Set for the best weekly run in almost 4 years, gold future prices have soared once again to a new all time record.  Contracts expiring in December touched $1,881.40 in overnight trading – higher by almost 5% for the week.

2.  Japanese Finance Minister Noda dropped hints that Japan may be reaching out, once again, to G7 counterparts in efforts to calm markets.  With the USDJPY exchange rate back at 76.26, market expectations are rising of a multilateral intervention effort – last seen in March 2011.

3.  Canadian consumer prices rebounded in the month of July, rising by 0.2%.  Core prices additionally advanced by 0.2% – reversing a decline in June prices.  Annualized inflationary is now moving higher at a 2.7% pace.

4.  The Mexican economy showed weakness in the second quarter as gross domestic product slowed to a 3.3% annualized pace.  The lackluster readings were expected as the economy has shown signs of stalling on forecasts of 4% annualized growth earlier in the year.

5.  In a relatively surprising move, Chile’s central bank kept interest rates at the current 5.25% as the nation’s current pace of growth is showing signs of weakness.  Policymakers also dropped hawkish language – ensuring that further rate hikes would be warranted on future economic data.

6.  A growing sense of a wait-and-see approach by Reserve Bank of India policymakers is decreasing the likelihood that the current pace of rate hikes will continue.  In July, the RBI, led by Governor Duvvuri Subbarao raised rates by 50 basis points on higher than expected inflation forecasts.

7.  Ten year yields continue to remain near record lows as US equity markets regain a bit of positioning today.  Falling to as low as 1.97% yesterday, 10-year yields are trading at 2.11%.