I hated this trade when it was being reposted every day and now we’ve all seen why. Correlation does not equal causation. Gold is a chameleon. Yes, at times it competes with bonds and yield is a factor but it’s also a currency. What happened when those diverged? Russia invaded Ukraine and the west confiscated
Euro weakens broadly following ECB’s decision to maintain interest rates unchanged, coupled with explicit suggestions of a potential rate cut ahead. However, selloff has been relatively mild, primarily because ECB’s statement didn’t serve as a definitive pre-announcement of rate cuts, unlike its 2022 guidance on rate hike. Moreover, the conditional guidance regarding future rate adjustments
A measure of wholesale prices increased less than expected in March, providing some potential relief from worries that inflation will hold higher for longer than many economists had expected. The producer price index rose 0.2% for the month, less than the 0.3% estimate from the Dow Jones consensus and not as much as the 0.6%
The European Central Bank will likely maintain rates on hold once again. ECB President Christine Lagarde could change its cautious tone and hint at an upcoming rate cut. US CPI was hotter than anticipated in March, triggering risk aversion. EUR/USD bearish case gains momentum as the pair stands below 1.0800. The European Central Bank (ECB)
No surprise, but as the Europe/London traders head for the exits, the USD is the strongest and the AUD is the weakest. The AUDUSD is the biggest mover vs the greenback with a move of -1.84%. Looking at the 4-hour chart of the AUDUSD, the price moved back below the near converged 100 and 200
Gold prices were little changed on Thursday, as the U.S. dollar and Treasury yields firmed after hotter-than-expected inflation data tempered hopes for an early interest rate cut. FUNDAMENTALS * Spot gold was unchanged at $2,337.99 per ounce, as of 0107 GMT. It hit a record high for an eighth straight session until Tuesday.* U.S. gold
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Dollar remains firm in Asian session after the strong post-CPI rally. US stocks were deeply sold off as a June Fed rate cut is further priced out by the markets. Market attention is now keenly focused on the upcoming PPI for March, as well as University of Michigan’s consumer survey results. Should today’s PPI data
Container ships from international trunk lines, including those from Europe, Africa, India, Pakistan, and Southeast Asia, are loading and unloading containers at the container terminal of the Qianwan Port Area of Qingdao Port in Qingdao, China, on April 4, 2024. Nurphoto | Getty Images The World Trade Organization on Wednesday said that it expects global
Gold drops as US inflation data complicates Fed rate cut intentions. Investors rethink Fed’s monetary approach amid persistent inflation as they now expect two rate cuts in 2024. US real yields rise above 2%, challenging Gold post-CPI release. Gold price is on the defensive on Wednesday following the release of March inflation figures in the
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Gold prices slipped from record-high levels on Wednesday as the U.S. dollar and Treasury yields firmed after a stronger-than-expected inflation print softened expectations of an early U.S. rate cut. Spot gold fell 0.6% to $2,338.19 per ounce, as of 8:58 a.m. ET (1258 GMT). U.S. gold futures lost 0.1% to $2,360.7. The U.S. dollar index
Crude oil futures are settling at $86.21. That’s up $0.98 or 1.15% on the day. Crude oil bounces back above 100 hour moving average The high price for the day has reached $86.32. The low price was at $84.58. The price is settling near the high for the day. Looking at the hourly chart, the
Dollar is having a strong, broad-based rebound in early US session, driven by upside surprises in CPI data. The concern for Fed stems not just from the headline inflation spurred by rising energy costs. But more significantly, core inflation failed to slow again, arguing that disinflation progress has stalled further. The market’s attention is now
Traders work on the floor of the New York Stock Exchange during afternoon trading on April 09, 2024 in New York City. Michael M. Santiago | Getty Images As recently as January, investors had high hopes that the Federal Reserve was about to embark on a rate-cutting campaign that would reverse some of the most
In this article 2330-TW Follow your favorite stocksCREATE FREE ACCOUNT TSMC displayed on a phone screen and microchip and are seen in this illustration photo taken in Krakow, Poland on July 19, 2023 Jakub Porzycki | Nurphoto | Getty Images Taiwan Semiconductor Manufacturing Co. (TMSC), posted a surge in monthly revenue in March, as it
The Mexican Peso has resumed its uptrend despite cooler-than-expected inflation data for March. The slowdown in price pressures was not substantial enough to change the overall outlook for monetary policy. Interest rates, a key FX driver, are likely to remain elevated in Mexico, supporting the Peso going forward. The Mexican Peso (MXN) is trading higher
USDCHF back testing the 100/200 hour MAs Earlier today, the dollar selling took the USDCHF to and through the 100/200 hour MAs which were near converged at the 0.9040 area. That shift back below the MAs, disappointed the buyers from yesterday, and shifted the bias back to the downside. After retesting the MAs, the price