Markets were shaken early by a sudden dive in gold as a break of $1,750 triggered stop loss sales to take it as low as $1,684 an ounce. It was last down 1.3% at $1,740.
They were helped by China's blue chips index which added 1.3%. Japan's Nikkei was shut but futures were trading a modest 20 points below Friday's close. The U.S. Senate came closer to passing a $1 trillion infrastructure package, though it still has to go through the House. However, the pace of tapering was still up in the air and would decide when an actual rate hike came, he said. The Fed is currently buying $120 billion of assets a month, so a $20 billion taper would end the programme in six months whilst a $10 billion tapering approach would take a year.
There are four Fed officials speaking this week and will no doubt offer enough grist for markets looking for clues on the timing of tapering. "Guidance is stronger than average but consensus estimates for two-year growth suggest a slowdown amid macro concerns."
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