Trump calls off summit with Kim Jong-Un; Gold spikes, USD/JPY tumble

The White House released a letter from the US President Donald Trump to North Korean leader Kim Jong-Un, calling off the historic summit planned on June 12 in Singapore.

Key points:

   •  Says inappropriate at this point to have a summit.
   •  Says he looks very much forward to meeting Kim someday.
   •  Calls lack of summit a 'missed opportunity' and 'truly a sad moment in history'.
   •  Says he cancelled it based 'on the tremendous anger and open hostility' in Kim's recent statement.

The headlines triggered a fresh wave of risk-aversion trade and boosted traditional safe-haven assets. The USD/JPY pair tumbled to fresh session lows and Gold spiked back above the $1300 psychological mark.

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