EUR/CAD trades plum in the middle of a multi-week range as both constituent currencies face similar negative fundamentals. The central banks of Canada and the Eurozone are expected to slash rates at the end of 2024 – a negative for both EUR and CAD. CAD also faces downside pressure from US election risk and the…
Gold recovers, aided by a rise in geopolitical risks after a steep sell-off on the previous day. Speculation that a BRICS Gold-backed currency could become an alternative to the US Dollar also drives flows. XAU/USD continues to look bullish as its overall uptrend remains intact and the commodity keeps making higher highs. Gold (XAU/USD) recovers…
Gold rises 0.98%, reaching $2,720 as geopolitical tensions and US election concerns drive demand for safe-haven assets. Falling US Treasury yields and the weakening US Dollar further boost Bullion prices, with the US Dollar Index dropping to 103.45. Analysts predict continued Gold gains with Citi’s Max Layton forecasting prices could reach $3,000 an ounce within…
Mexican Peso gained 0.90% earlier on Friday but erased gains amid a weaker US Dollar. US Dollar Index hit a two-month high before retreating to 103.48, down 0.23% on Friday. China’s stimulus measures provided brief support to the Peso. The Mexican Peso remained firm against the US Dollar on Friday yet erased earlier gains, which…
The Mexican Peso halts its march lower after strong economic data from the US, its largest trading partner. China data tempers slowdown fears and also supports emerging market FX, including the MXN. USD/MXN stalls, forms a Shooting Star candlestick pattern and reverses. The Mexican Peso (MXN) trades higher in its most heavily-traded pairs on Friday…
Mexican Peso hits a six-day bottom on Bostic comments. Banxico minutes reveal concerns over Mexico’s slowing economy and sticky service inflation, hinting at more rate cuts. US inflation data came in slightly higher than expected, but weaker jobs data tempered the possibility of aggressive Fed cuts. The Mexican Peso lost some ground against the Greenback…
Gold declined as Fed Minutes revealed a “substantial majority” backed a 50 bps cut, while some preferred 25 bps. CME FedWatch Tool shows lower odds of a 25 bps cut, down to 75.9%, with rising expectations for a rate pause. US 10-year Treasury yield rises to 4.062%, supporting the US Dollar. Traders await Thursday’s CPI…
Gold finds support from continued safe-haven flows and demand from long-term investors. This acts as a counter-weight to pressure from reduced expectations of interest rates being slashed in the US. Technically, XAU/USD continues consolidating in a medium and long-term uptrend. Gold (XAU/USD) continues to bounce down a roughly week-long range between about $2,630 and $2,670…
AUD/USD falls following robust US Nonfarm Payrolls data, reducing the likelihood of aggressive Fed rate cuts. Fed Chair Powell signals slower pace of easing, with markets now pricing in a 25 bps cut for November. Australian data shows mixed results with strong Retail Sales and trade surplus but ongoing manufacturing contraction and slowing business activity….
Gold drops after robust US jobs report lowers pressure on the Fed. US 10-year T-note yield climbs to 3.971%, while the US Dollar Index hits mid-August highs at 102.58, capping Gold’s rise. Geopolitical risks involving Israel and Iran to support Gold, which could hit $2,700. Gold price retraces after a stronger-than-expected US jobs report hinted…