Gold Price Retreats on Recession Fears Following ISM Report
Gold price (XAU/USD) experiences a slight decline during the North American session, settling around $2,438 after reaching a daily high of $2,462. This dip is attributed to a stronger US Dollar, fueled by heightened recession fears in the wake of a disappointing ISM report. Market Sentiment: The financial markets reacted negatively to the Institute for […]
EUR/JPY Plunges Below 163.00 on Hawkish Bank of Japan Move
EUR/JPY experienced a sharp decline on Wednesday, hitting its weakest point since mid-April at 162.20. This significant drop is attributed to the Bank of Japan’s (BoJ) unexpected decision to raise its policy rate by 15 basis points (bps) to 0.15%-0.25% and announce a tapering of Japanese government bond (JGB) purchases. Bank of Japan’s Hawkish […]
Gold Price Rebounds as Geopolitical Concerns Ease, Market Awaits Fed Decision
Gold price (XAU/USD) is recovering from a recent pullback, gaining momentum during Tuesday’s Asian and European sessions. The precious metal has found support around $2,390 after a slight dip on Monday. XAU/USD Market Sentiment: Easing geopolitical tensions in the Middle East have contributed to the gold price rebound, as Israeli authorities have indicated a […]
US Dollar Advances as Market Awaits Fed’s Policy Decision and Labor Data
The US Dollar Index (DXY) strengthened on Monday despite lingering uncertainties surrounding the Federal Reserve’s (Fed) September rate cut decision. While signs of disinflation are evident, the overall robust performance of the US economy, reflected in recent Q2 GDP and July S&P Global PMIs data, might encourage the Fed to adopt a cautious approach towards […]
AUD/USD Plummets Towards 0.6500 Amid China’s Economic Concerns
The AUD/USD pair continues its downward trajectory, now heading towards the 0.6500 support level. This decline marks the ninth consecutive trading session of losses for the Australian Dollar (AUD). The primary driver behind this weakness is the growing apprehension surrounding China’s economic outlook and its potential impact on Australia. Several factors have contributed to the […]
Canadian Dollar Dips After BoC Rate Cut, Growth Forecasts Lowered
The Canadian Dollar (CAD) briefly touched a 14-week low against the US Dollar (USD) after the Bank of Canada (BoC) cut interest rates by 25 basis points, as widely anticipated. However, the CAD was further weakened by significant downward revisions to the BoC’s Canadian GDP growth forecasts, leading to the USD/CAD pair potentially recording a […]
Mexican Peso Plummets as USD/MXN Surges Past 18.00 on Judiciary Reform Concerns
The Mexican Peso experienced a sharp decline during Tuesday’s North American session, falling over 1.00% against the US Dollar, which registered modest gains amid declining US Treasury bond yields. Market participants are keenly awaiting Mexico’s mid-month inflation figures, due on Wednesday, alongside US GDP and inflation data, as these could significantly impact the Mexican currency’s […]
Gold Price Extends Decline Amidst Rising US Yields and Political Developments
Gold prices have continued their downward trend for the fourth consecutive day, hovering around $2,400. This decline is primarily attributed to rising US Treasury bond yields and the strengthening US Dollar following news of President Biden’s withdrawal from the presidential race and endorsement of Vice President Kamala Harris. Market sentiment has been influenced by the […]
Pound Sterling Dips on Weak UK Retail Sales, But Uptrend Remains Intact
The Pound Sterling (GBP) experienced a decline against major currencies during Friday’s New York session, primarily due to weaker-than-expected UK retail sales data for June. The report revealed a 1.2% contraction in monthly retail sales, surpassing the forecasted 0.4% decline. This sharp drop in retail sales, a key indicator of consumer spending, suggests that UK […]
Aussie Dollar Dips Slightly After Labor Market Data Release
The Australian Dollar (AUD) saw a slight decline against the USD on Thursday, settling around 0.6730. This minor setback was attributed to investor reactions to both Australian and US labor market data, which offered insights into the future decisions of the Reserve Bank of Australia (RBA) and the Federal Reserve. Despite the underperformance of the […]
