Business activity in the US service sector retreated in early July with S&P Global Services PMI dropping to 47 versus 52.7 in June. This reading came in much weaker than the market expectation standing at 52.6.The US dollar came under strong selling pressure after this report and the US Dollar …
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Gold prices rose on Friday, supported by lower US Treasury yields, although the prospects of a Federal Reserve interest rate hike and a stronger dollar limited gains. By 1215 GMT, spot gold rose 0.5% to $1,727.09 an ounce. Prices fell to a more than one-year low of $1,680.25 on Thursday …
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Gold prices fell on Thursday to their lowest levels in nearly a year, as prospects for an interest rate hike by major central banks to curb spiralling inflation weighed on the precious metal’s allure. Although gold is considered a hedge against inflation, higher interest rates increase the opportunity cost of …
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The USD/CAD pair reversed and dropped back below 1.2900 during Thursday’s volatile session for financial markets following the European Central Bank meeting policy decision and US data.The rejection from above 1.2900/05 (horizontal levels, and 20 and 200 Simple Moving Average in four-hour chart) reinforced the bearish short-term bias. If USD/CAD …
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Gold prices fell on Thursday to their lowest levels in nearly a year, as prospects for an interest rate hike by major central banks to curb spiralling inflation weighed on the precious metal’s allure. Although gold is considered a hedge against inflation, higher interest rates increase the opportunity cost of …
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Finally, the European Central Bank is making a move in response to rising inflation by widely eyed decision on the first rate hike in more than ten years, but will suffice to turn the tide on the EUR/USD pair as the Euro is poised to revisit levels back below parity …
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Gold fell on Wednesday as fears of monetary policy tightening and an increase in Treasury yields dispelled relief from the dollar’s decline. By 0610 GMT, gold fell in spot transactions 0.3 percent to $1,706.85 an ounce. US gold futures fell 0.3 percent to $1,706 an ounce. The dollar fell for …
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Gold price leans bullish with time frame continuity in the favour of the bulls as XAUUSD inches higher within a bullish correction of the recent leg of supply from $1,750 that took out the $1,700 level last week. In general, a pullback in the US dollar continues to support the …
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The GBP/USD pair broke above 1.1990 during the American session and jumped to 1.2033, reaching the highest level since July 8. It is hovering around 1.2010/15, up 150 pips for the day, boosted by a weaker US dollar.Generally speaking, there is a significant improvement in risk sentiment. Equity prices ended …
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The British pound’s performance is flat during the day, though slightly positive after a noticeably quiet trading day. Weaker UK economic data, high inflation, and slowing growth paint a stagflationary scenario for the GBP.On Tuesday, the UK S&P Global/CIPS Services and Composite PMIs to shed additional information on the British …
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