Safe haven flows have improved overnight as news of another missile launch by North Korea has filtered through. This has meant that gold and the yen have strengthened. However both markets saw some decisive downside moves yesterday and in effect these rallies today simply look to be unwinding some recent weakness. Gold has broken decisively below $1240 and USD/JPY decisively above 112.20. The market reaction to geopolitical tensions may be elevated slightly with the US on public holiday for Independence Day today however once the moves begin to settle, the market is likely to view the rebounds on the safe haven plays ... (full story)