The world gold price dropped sharply last night – today, the US has announced a rather positive May balance. Specifically, the consumer price index (CPI) in May in the US fell sharply from 4.9% in April to 4% in May and was lower than the previous forecast of 4.1%. Core CPI after excluding food and energy prices also fell from 5.5% in April to 5.3% in May. Both...
The continuation of the upside momentum could encourage EUR/USD to revisit the 1.0850 region in the near term according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang. 24-hour view: We expected EUR to consolidate in a range of 1.0735/1.0800 yesterday. However, it rose to a high of 1.0823 and then eased off to close at 1.0791 (+0.32%)....
The report shows that the transmission rate has dropped to 4% annually, marking the lowest level in more than 2 years. However, the core CPI figure, which the Fed notes more because it removes volatile food and energy values, ran at 5.3%, down from 5.5% but slightly hotter. versus market consensus calls. For gold to recover, Wall Street needs to believe the Fed...
The bright world gold price today continued to drop sharply with daily gold falling by 13.4 USD. Gold markets extend weekly decline ahead of Federal Reserve rate decision as markets re-evaluate expectations of Wednesday's rate cut and then another rate hike. in July. According to the CME FedWatch Tool, after the CPI data was released, markets predicted a 92%...
The British pound rallied on stellar jobs data (see economic calendar below. All metrics showed improvement which is not a good sign for Bank of England (BoE) doves. Concerns around sticky core inflation from the BoE’s Mann and aggressive monetary policy comments from Haskel yesterday will surely be heightened with today’s data and the fact that several other BoE...
The next two days will see both the Federal Reserve (Fed) and the European Central Bank (ECB) announce their latest monetary policy decisions with markets fully expecting the Fed to pause its fourteen-month hiking cycle, while the ECB will hike rates by a further 25 basis points. Both these outcomes are fully expected and priced into the market, however...
Gold prices dropped earlier today as the market waited for the US to release the latest consumer price index (CPI) The market is still looking to the information in the US to be announced today and the meeting of the US Federal Reserve (Fed). As the market waits for the US to release the latest consumer price index (CPI). Accordingly, May CPI is expected to...
Gold prices edged lower on expectations the Fed will deliver a hawkish skip The price of gold has generally trended upward along with the national debt. Of course, there are other factors that impact the price of gold, but the general trend is worth noting. Wall Street will still likely anticipate that rates will remain elevated a while longer and that is...
Intraday bias in GBP/JPY remains on the upside for the moment. Current up trend should target 100% projection of 148.93 to 172.11 from 155.33 at 178.51 next. Strong resistance could be seen from there to bring pull back, at least on first attempt. But break of 172.64 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case...
World gold fell slightly under the pressure of factors outside the market such as the recovery of the dollar and increased bond yields. Early this morning, the US Dollar Index, which measures the volatility of the greenback with 6 major currencies rising to 103.63%, reduced the attractiveness of gold to buyers holding other currencies. Meanwhile, 10-year US...
BTC plunged below $26,000 near the end of last week, following a series of events by the US Securities and Exchange Commission (SEC) targeting exchanges Binance and Coinbase, accompanied by policy hearings. deflation of the Central Bank of the United States. Investors will keep an eye on the Consumer Price Index (CPI) release for May and the Federal Reserve's...
EUR/USD has had a mixed start to what is setting up to be a blockbuster week for markets in general. The Euro lost ground in the Asian session before a rebound ahead of the European open and continued strength since leaves the pair trading at 1.0775. Looking at the Dollar Index (DXY) and the currency strength chart above we can see the US Dollar is currently...
While the Federal Reserve (Fed) concerns weigh on the US Dollar and allow the Gold price to remain firmer, the other concerns keep challenging precious metal prices. Among them, are the surprise rate hikes from the Reserve Bank of Australia (BoC), Bank of Canada (BoC) and the concerns that recent downbeat US jobs report isn’t a strong push to the Fed for monetary...
During the last week, downbeat prints of the US activity numbers for May joined disappointing employment clues to weigh on the US Dollar, despite looming economic fears. That said, the latest United States Initial Jobless Claims jumped to the highest levels since September 2021 whereas the US ISM Services PMI, S&P Global PMIs and Factory Orders also printed softer...
It has been six days since Binance faced a lawsuit from the U.S. Securities and Exchange Commission (SEC), and five days since Coinbase encountered a similar legal challenge. In the wake of these events, a substantial amount of bitcoin and ethereum has been withdrawn from exchanges, with data revealing that nearly $996 million worth of ETH and BTC has been removed...
Gold markets have rallied a bit during the trading week, as it looks like we are heading toward the $2000 level. The $2000 level of course is a large, round, psychologically significant figure, and an area that previously had been supported. If we can break above there, then it’s likely that we could go much higher, perhaps reaching toward the $2100 level. This is...
The Swiss Franc has emerged as one of the top performers against the US dollar in 2023 as declining rate expectations in the US and safe-haven appeal of the franc influence the fundamental landscape. The franc has appreciated around 4.4% against the dollar in 2023 thus far, with the trend likely to continue should the US receive softer fundamental data – possibly...
Gold yesterday settled up by 0.65% at 59891 after higher-than-anticipated weekly claims reduced expectations of an imminent interest rate hike by the Federal Reserve. Momentum in the U.S. labour market continues to slow, with the number of American workers applying for first-time unemployment benefits pushing back to its highest level since Oct. 2021. The U.S....