Commodities continued to rise ahead of the US session. Brent crude contract recovered after the decline yesterday. The WTI-Brent crude spread also narrowed amid news of Seaway pipeline extension. Gold price climbed for the first time in 3 days amid hopes on the resolution for the fiscal cliff. Japanese yen continued to fall after the landslide victory of the LDP as investors anticipate aggressive easing from the central bank. The RBA minutes for the December meeting indicated the key reasons for rate cut were peaking of mining investments, sluggishness in non-mining sector and benign inflation.
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