The US Dollar maintained its positive tone throughout the first half of the day but changed course after the American opening. As a result, XAU/USD bounced from a fresh weekly low of $1,944.71 to trade above the $1,960 mark. Financial markets maintain cautious optimism amid hopes central banks are done with monetary tightening, despite policymakers insisting on keeping the door open for additional rate hikes.
Richmond Federal Reserve Bank President Thomas Barkin delivered some encouraging words on Thursday, as he said the economy is “remarkably” healthy, noting real progress on inflation. He also added that the job is not yet done, as inflation remains high. Finally, he said that any downturn might be less severe than in past recessions and that the labor market is now more balanced.
In a separate event, Atlanta Fed President Raphael Bostic reiterated that the full effects of the recent policy are yet to be seen. Later in the day, US Fed Chairman Jerome Powell will participate in a panel discussion titled “Monetary Challenges in a Global Economy” at the International Monetary Fund (IMF) and could comment on monetary policy.
Richmond Federal Reserve Bank President Thomas Barkin delivered some encouraging words on Thursday, as he said the economy is “remarkably” healthy, noting real progress on inflation. He also added that the job is not yet done, as inflation remains high. Finally, he said that any downturn might be less severe than in past recessions and that the labor market is now more balanced.
In a separate event, Atlanta Fed President Raphael Bostic reiterated that the full effects of the recent policy are yet to be seen. Later in the day, US Fed Chairman Jerome Powell will participate in a panel discussion titled “Monetary Challenges in a Global Economy” at the International Monetary Fund (IMF) and could comment on monetary policy.