Asia

In what has been a less exciting session than the previous two, the euro retraced some recent gains as traders grew concerned they may have overestimated the ECB's hawkish bias ahead of Thursday’s rate decision; in turn the dollar edged higher after the collapse of the GOP healthcare bill sent it to the lowest since September on Tuesday.

Not even Citi could infuse any  excitement in the overnight session, which its called "Purgatorial":

Submitted by Ronan Manly, BullionStar.com

The COMEX gold futures market and the London OTC gold market have a joint monopoly on setting the international gold price. This is because these two markets generate the largest ‘gold’ trading volumes and have the highest ‘liquidity’. However, this price setting dominance is despite either of these two markets actually trading physical gold bars. Both markets merely trade different forms of derivatives of gold bars.

On Monday morning, we excerpted from the latest report by BofA's David Woo, who echoed a familiar lament when looking at the divergence between global political risk and the collapse in cross-asset volatility, concluding that he finds it "difficult to reconcile the record low volatility in financial markets at the moment with growing political risk in Washington and geopolitical risk in Asia.

Bulletin headline summary from RanSquawk

Authored by Peter Korzun via The Strategic Culture Foundation,