Gold is recovering on Tuesday as safe-haven demand increases following Israel’s invasion of Lebanon. Fed Chairman Powell adopts a more cautious, data-dependent stance, which caps gains for the yellow metal. Technically, XAU/USD is at risk of reversing its short-term uptrend and pushing lower. Gold (XAU/USD) recovers marginally to trade in the $2,640s per troy ounce…
XAU/USD drops to $2,646 after September inflation data suggests progress toward the Fed’s 2% target. US 10-year Treasury yield falls five basis points, while the US Dollar Index dips by 0.16% to 100.41. Geopolitical risks rise as Israel strikes Lebanon, but Gold fails to gain momentum as traders cash in profits. Gold fell to a…
US inflation signals are cooling with PCE reading below expectations. Consumer sentiment has rebounded, indicating brighter economic expectations. USD might see additional downside if the markets remain stubborn on November’s 50 bps cut bet. The US Dollar Index (DXY), which measures the value of the USD against a basket of major currencies, stands soft after…
Mexican Peso extended its losses for the second straight day as USD/MXN hit a 19.74 peak. Banxico cuts rates to 10.50%, weakening the Peso as economic activity cools and inflation projections rise for 2024. US PCE inflation edged lower, but core PCE remains within the Fed’s comfort range of 2%-3%. The Mexican peso lost steam…
The Mexican Peso makes tepid gains following the Bank of Mexico (Banxico) meeting. The bank decided to cut interest rates by 25 bps and revised down its forecasts for inflation. USD/MXN steadily climbs within its rising channel. The Mexican Peso (MXN) edges higher in its major pairs on Friday, a day after the Bank of Mexico (Banxico)…
Mexican Peso declines as USD/MXN climbs over 1.80%, driven by expectations of further Banxico rate cuts. Cooling inflation in early September bolsters the case for a Banxico rate reduction at the September 26 meeting. Bloomberg survey: 20 of 25 analysts expect Banxico to cut 25 bps to 10.50%, with some predicting a 50 bps reduction….
DXY gave up some ground and fell to 100.60. Conference Board consumer confidence data for September missed expectations. Fed speakers are battling the current market’s dovish expectations. The US Dollar Index (DXY), which measures the value of the USD against a basket of six currencies, posted some losses on Tuesday after the release of the…
The Dow Jones clipped into an all-new record peak, but remains flat overall. Equities are tilted upwards, but overall market momentum remains limited. US S&P PMI figures came in mixed on Monday, but Fedspeak dominates. The Dow Jones Industrial Average (DJIA) tested into a fresh record bid on Monday, but middling US data prints and…
The Japanese Yen depreciates, likely due to thin trading conditions stemming from the holiday on Monday. BoJ Governor Ueda stated that the central bank will continue to adjust the level of monetary easing as needed. The US Dollar receives support as Treasury yields improve. The Japanese Yen (JPY) extends its losses for the third consecutive…
Gold surges to new all-time high above $2,600, fueled by expectations of further Fed rate cuts. Safe-haven demand spikes due to escalating tension between Israel and Hezbollah. Fed Governor Waller backs 50 bps rate cut; however, dissenting Fed member Michelle Bowman prefers a smaller cut to guard against declaring an early win on inflation. Gold…