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PremiumGBPUSD plummeted below 1.2700 as risk aversion affected most currencies, with the exception of safe havens such as the Greenback. Political instability in Europe caused the Euro to decline against the Swiss Franc, while the GBP/USD exchange rate fell 0.65% and traded at the lowest level of 1.265 last Friday. Next week will definitely be a volatile week because...
The gold market maintained a steady recovery ahead of the weekend, but the overall trend remains unclear as US consumer confidence continues to decline and inflation expectations remain high. The new divergence between the Fed's interest rate forecast and market expectations could bring some volatility to the gold market in the short term. China is the main...
The British pound (GBP) edged higher above the 1.2700 round resistance level on Wednesday after the Office for National Statistics (ONS) of the United Kingdom (UK) showed that price pressures had eased as expected in May. 5. UK annual inflation returned to the central bank's 2% target for the first time in more than three years from April's 2.3%. During the same...
Gold prices encountered new supply in the early hours of trading in Europe and faded Friday's positive move after the surprise of the Federal Reserve's (Fed) hawkish stance. The possibility of the Fed implementing two interest rate cuts in 2024 is still being considered amid signs of easing inflationary pressures in the US. Additionally, persistent geopolitical...
Gold price cannot break the 2325 resistance level to form a short-term uptrend. Gold retreated to levels near 2310 as the US dollar tried to recover even as US Treasury yields eased again. The release of US retail sales data on Tuesday, weekly jobless claims on Thursday and a flash purchasing managers' index on Friday could provide clarity. in terms of...
Gold increased for the second consecutive trading day, the gold price once reached 2,320 USD. The market will receive the Federal Reserve's interest rate decision and US CPI data, which is expected to explode the market. US CPI Data and Federal Reserve Decision Coming Soon. US May CPI data will be released a few hours before the Fed decision. If inflation stays...
EUR/USD falls to 1.0700 as the Euro weakens amid French election uncertainty. ECB policymakers see a bumpy inflation path towards the 2% target. The Fed maintaining its hawkish stance will offset the impact of weak US inflation data. The next support level for EURUSD is around 1.066. Traders can pay attention to execute BUY signals. The main resistance level...
Gold for delivery closed down more than 20 USD on Thursday, fell below the 2,300 USD/ounce mark, and recovered slightly in the European session on Friday to 2,314. Despite weak US PPI, gold prices still fell sharply as the Federal Reserve forecasted only one interest rate cut this year. In addition, a stronger US Dollar also affects gold prices. The Federal...
Gold dropped from peak to 2,340 USD before Fed information After CPI rose to a three-day high past the $2,340/troy ounce mark, gold prices now appear to have digested that initial move and returned some gains amid a weaker dollar and Yields fell ahead of the FOMC event later in the session. The 2340 level is unlikely to hold before the FOMC. The 2352 resistance...
The British Pound (GBP) fell below the key support level of 1.2800 against the US Dollar (USD) during Thursday's trading session in London. The GBP/USD pair corrected sharply after rising to near a three-month high of 1.2860, inspired by a cooler-than-expected United States (US) Consumer Price Index (CPI) report. in May. Cable posted decent gains as the US...
💥Gold prices (XAU/USD) gained positive traction for the third straight day on Wednesday and touched a new weekly high, around the $2,341-$2,342 region as US consumer inflation figures softened slightly. 💥Gold then fell sharply after data from the US Federal Reserve (FED) signaled there would only be one interest rate cut this year. in a context where inflation is...
The Japanese Yen remains weak as the BoJ is expected to maintain current policy in June The Japanese Yen fell slightly as the BoJ is expected to maintain current interest rates on Friday. Japan's stable stock market has weakened the JPY. The US dollar held firm as the likelihood of two Fed rate cuts in 2024 decreased. USD/JPY traded around 157.20 on Tuesday....
Gold prices regained the 2,300 USD/ounce mark because investors had a bottom-fishing mentality after prices plummeted last weekend. Experts say that gold prices are going against the general rules of the market when many forecasters receive bad news. The US consumer price index for May, which is about to be published, is likely to increase, making the US Federal...
💥Gold prices (XAU/USD) entered a bearish consolidation phase and hovered near their lowest level in more than a month, below the $2,300 mark. 💥The widely known Nonfarm Payrolls (NFP) report showed that the world's largest economy created more jobs than expected in May, forcing investors to cut bets on the round. interest rate cut in September by the Federal...
The Japanese yen was flat on Friday after the Japanese finance ministry announced Japan's foreign exchange reserves. Japan's Ministry of Finance announced that he will take action on excessive JPY exchange rate volatility when necessary and will evaluate the effectiveness of the intervention. He emphasized the importance of maintaining market confidence in the...
💥Gold is trading around 2336. Gold prices managed to hold above multi-week lows touched on Monday. The Fed's interest rate cut bet will limit the USD's recovery efforts and support the metal. Traders are now eyeing the US ADP report and ISM Services PMI for fresh impetus. 💥The market is currently waiting for the US jobs report for May, which will be released this...
📌GBP/USD drops below 1.2720 after encouragement from Nonfarm data. GBP/USD continues its downtrend and trades deep below the key support zone of 1,275. The US dollar outperformed its rivals following impressive labor market data in May, forcing the pair into sharp declines. 📌Next week's markets are in focus on Tuesday with the Change in Claimants, and the UK...
📌EUR/USD plummets to weekly lows near 1.0800 following US jobs data. EUR/USD is under heavy pressure and trades at a one-week low near 1.0800. The US dollar continued to gain strength following upbeat jobs data, which showed Nonfarm Payrolls increased by 272,000 in May and put pressure on the pair. 📌Markets are focused on the European Parliament Elections, today....