Noor Trends News, Technical Analysis, Educational Tools and Recommendations
There were no strong market drivers during the European session.
The Eurozone economy expanded by 0.3% on quarter in the three months to December of 2021, meeting 0.3% expected and 2.3% prior, the preliminary estimate showed on Monday.
Germany’s Harmonized Index of Consumer Prices (HICP), which is the ECB’s preferred gauge of inflation, fell to 5.1% YoY in January from 5.7% in December, above consensus forecasts for a 4.7% reading, according to a preliminary estimate published by Destatist. The MoM change in HICP was 0.9%, well above consensus forecasts for a 0.4% decline in January and an unexpected acceleration from the 0.3% MoM gain in December.
The price of gold fell on Monday, and is heading to record the largest monthly decline since September, while the markets expect to raise the US interest rate on the back of economic data, and the rise of the dollar affected the price of gold.
Spot gold prices are trading today at $1790 an ounce.
The US Federal Reserve plans to raise interest rates in March, assuming that the economy is not significantly affected by the spread of the mutated Omicron from the Corona virus and that it continues to grow at a healthy pace.
