The most important economic data for this week are: US manufacturing PMI, BoC interest rate decision, US services PMI, US job report Tuesday: US manufacturing PMI at 14:00 GMT. The consensus is for an increase from 46.8 to 47.8 points. Even though the expectations are for an improved image of the manufacturing sector in the…
Read more
The US Bureau of Economic Analysis (BEA) said that during Q1 2024, US GDP grew by 1.6% according to the ‘advance’ estimate. The BEA stated: In the fourth quarter of 2023, real GDP increased 3.4 percent. The increase in the first quarter primarily reflected increases in consumer spending and housing investment that were partly offset…
Read more
Analysts speculate this rally follows signs that the US Federal Reserve is edging closer to rate cuts. Geopolitical tensions and Asian demand for the precious metal are also having an effect. This upshoot is 1.6% more than the commodity’s closing price on Thursday, 28 March 2024. Since February 2024, gold has risen in value by…
Read more
The most important economic data for this week are: Thursday: US quarterly GDP growth rate on Thursday at 12:30pm GMT. Market participants are expecting the figure to come out at 3.2%, down from 4.9% in the previous quarter. This data might have already been priced in as it’s for the previous quarter, though any significant…
Read more
Below, we look at the key factors impacting economic data this week. Wednesday: UK inflation rate at 7:00am GMT. The consensus is for a decline from 4% to 3.5% in February. If these forecasts hold true, it could mark the lowest yearly inflation figure for Britain and might lead to slight losses for the pound,…
Read more
Markets witnessed demand for the precious metal increase based on several factors, which has seen buyers lift prices higher for eight consecutive days. Last week, the largest one-week gain was recorded since early October 2023. Gold Demand Factors underpinning gold include rate expectations forecasting that the US Federal Reserve (the Fed) will step up and…
Read more
After just missing a 16-year high, US GDP data has shown yields to be marginally smaller than expected for September. The retreat in yields has allowed risk assets some breathing space, but with the 10-year note still above the 4.5% level, investors are anxious about a downward spiral in October due to Index uncertainty. Market…
Read more
The focus for the Fed’s press conference on Wednesday night is on whether there’s any hint about a hike in the fourth quarter. Traders mostly expect this to be the last hike of this cycle for the moment, but it’s likely that the consensus will change at least slightly after Jerome Powell’s comments. Friday’s PCE…
Read more
On the technical side, the price on the chart is currently in a correction status after reaching a yearly high of around $1.31. The Stochastic oscillator is in the extreme overbought levels for the last 10 sessions indicating that a correction to the downside might still have some more power into it. On the other…
Read more
On the technical side, the price on the chart has been making consistent gains since early March with multiple retests to break the upward trendline without being able to do so. This shows the strength of the quid against the dollar in the medium outlook. The 50 day moving average is still trading bove the…
Read more