Fed's Schmid says the central bank must retain flexibility to allow interest rates to move in either direction.

South Korea will ease mandatory private-sector oil stock requirements from 40 days to 20 days, effective from the 29th, releasing oil equivalent to 20 days’ consumption, a Ministry of Trade, Industry and Energy official said on the 28th. Seoul has not decided to tap state oil reserves and will keep them as a last-resort tool. The move is intended to fulfil a commitment to the International Energy Agency.

Spot gold touched $4,550/oz, up 1.20% on the day.