Noor Trends News, Technical Analysis, Educational Tools and Recommendations
After Tuesday’s abrupt decline, gold prices soon resumed their upward trajectory, on Wednesday, with the immediate goal being the all-time high, which is located little below $2,200 per ounce. Gold closed the North American session at $2175.60 per ounce.
The US weekly crude oil and petrol stockpiles unexpectedly declined, and rising geopolitical anxiety drove WTI prices up to the upper bounds of the pivotal $80.00 a barrel.
After making two straight daily gains, the USD Index (DXY) turned back to the downside. The Producer Prices Index and US Retail Sales, supported by business inventories and the customary weekly initial jobless claims, will be the main topics of discussion on the US economic calendar on Thursday.
With its aim now shifted to the current monthly high at 1.0980, the EUR/USD pair continued to rise, reaching three-session highs close to 1.0960. On March 14, the euro area will receive low-tier statistics, such as Germany’s Current Account and remarks from ECB’s Elderson, De Guindos, and Knot.
Amid positive risk appetite, the GBP/USD pair recovered some ground and rose to the 1.2800 area once more. On Thursday, March 14, the RICS House Price Balance is expected.
The USD/JPY experienced a brief surge above the 148.00 level as investors continued to speculate about a BoJ lift-off next week, reinvigorating the bullish bias. Only in Japan, weekly readings on foreign bond investments are due on March 14.
Like the other riskier assets, the AUD/USD pair reversed two consecutive daily declines and broke over the crucial 0.6600 level, aided by the increase in copper prices.
Also Read:
What Bad News Does Congress Bring On Wall Street?
Canadian Dollar Recovers Ahead of PPI, Retail Sales
US Treasury yields continue to rise
Steel Stock Declines As Biden Raises Concern Over Nippon Deal
AUD/USD surges on RBA’s relatively hawkish stance
