Gold futures continue to surge in the market, with the most active February 2024 futures contract currently up by $9.80, fixing at $2089. This price is just a few dollars below one of the highest closing prices recorded recently, reaching $2091 on Friday, December 1. Over the last four trading days, gold has experienced a
Forecasts
The end of the year has brought about contrasting monetary policy decisions between the Federal Reserve (Fed) and the Bank of England. While the Fed has signaled rate cuts for 2024, three members of the Bank of England’s Monetary Policy Committee voted for a 25-basis point interest rate hike. This significant difference in policy decisions
The latest economic data from Japan has provided a mixed picture, with retail sales showing an increase while industrial production experienced a decline. Meanwhile, market participants are closely monitoring the US labor market indicators and housing sector data. The implications of these factors on the USD/JPY exchange rate and the overall economic landscape need careful
The Commonwealth Bank of Australia (CBA) has recently released its predictions regarding the Reserve Bank of Australia’s (RBA) interest rate cuts. According to CBA’s chief economist, the RBA is expected to reduce interest rates from 4.35% to 3.6% by the end of 2024. The chief economist also predicts that the RBA will initiate these rate
The USD/JPY pair saw limited movement during Wednesday’s trading session. The key level of attraction for the pair remains around ¥142.50. Additionally, the 200-Day Exponential Moving Average (EMA) continues to act as a strong resistance level. A break above this level could potentially open the door for further gains towards ¥145. However, such a move
The U.S. Dollar Index (DXY) is experiencing a decline as traders shift their focus towards the pullback in Treasury yields. With the Relative Strength Index (RSI) settling in the oversold territory, there is an increasing possibility of a rebound. However, the U.S. Dollar Index still has a reasonable chance of testing the nearest support level
Consumer spending plays a crucial role in driving inflation and shaping monetary policy decisions. Recently, three members of the Monetary Policy Committee (MPC) voted for a rate hike, indicating an upward trend in consumer spending. While the UK economy unexpectedly contracted in Q3, the Bank of England (BoE) has been resisting rate cuts, favoring a
The EUR/USD gained 0.31% on Tuesday, reversing a 0.06% loss from the previous day. This article will analyze the potential impact of European Central Bank (ECB) commentary and the US economic calendar on the EUR/USD exchange rate. Investors must closely monitor ECB commentary throughout the session. Despite recent warnings of a higher-for-longer ECB rate path
In the realm of financial markets, the future trajectory of interest rates holds immense significance. This article delves into the ongoing debate surrounding the timing and depth of potential interest rate cuts by the Federal Reserve. Moreover, it explores the implications of these speculations on the price of gold, given its historical safe-haven appeal. As
The AUD/USD gained 0.48% on Tuesday, ending the session at $0.68241. This positive performance comes after the Australian dollar fell to a low of $0.67913 earlier in the day before rising to a high of $0.68270. The rise in the AUD/USD suggests that investor sentiment towards the Australian dollar has improved. On Wednesday, industrial profit
The U.S. Dollar Index (DXY) is currently under pressure as traders remain focused on the Federal Reserve’s policy outlook. If the index settles below the key level of 101.50, it is likely to head towards the support zone between 100.50 and 100.80. The uncertain Fed policy has contributed to the weakening of the U.S. dollar,
The dollar is currently facing instability due to signs of cooling inflation in the U.S. economy. This has led to expectations that the Federal Reserve might ease interest rates in the coming year. The dollar index is hovering near a five-month low, highlighting the market’s response to changing economic indicators. In the Treasury market, yields