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…
Crude Oil struggles to uphold $70.00 for more than day, with more downside expected. Traders expect longer sluggish demand as markets reprice Fed rate cut prospects. The US Dollar Index broke above 103.80 and tested 104.00, primed for more upside. Crude Oil struggles to hold ground and orbits around the $70.00 level on Tuesday. The…
The US Dollar trades mildly up as the possible escalation in the Middle East conflict drives flows towards the Greenback. Fed speakers are starting to align with market expectations for gradual to no rate cuts this year. The US Dollar Index rally could pick up steam if Donald Trump leads further in the polls. The…
The Australian Dollar appreciates following the PBoC’s rate cuts on Monday. The PBoC has reduced the 1- and 5-year Loan Prime Rate to 3.10% and 3.6%, respectively. The Aussie Dollar appreciated as domestic upbeat labor data has lowered the odds of the RBA’s rate cut this year. The Australian Dollar (AUD) extended its winning streak…
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…
The Australian Dollar rises as the solid employment data diminish the odds of RBA’s rate cuts in 2024. China’s Gross Domestic Product is expected to report 4.5% growth YoY in Q3, compared to the previous 4.7% reading. The US Dollar received support from a solid US Retail Sales report, fueling the likelihood of the Fed delivering…
Christine Lagarde, President of the European Central Bank (ECB), explains the ECB’s decision to lower the benchmark interest rate by 25 basis points at the October policy meeting and responds to questions from the press. ECB press conference key quotes “Incoming data suggest that activity is weaker than expected.” “Investment is expanding only slowly.” “Recent…
Australia’s Unemployment Rate declined to 4.1% in September, compared with the previous figure of 4.1% (revised from 4.2%), according to the official data released by the Australian Bureau of Statistics (ABS) on Thursday. This figure was below the market consensus of 4.2%. Furthermore, the Australian Employment Change arrived at 64.1K in September from 42.6K in August (revised…