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USD/CAD advances toward 1.3700 ahead of US data, BoC policy meeting
USD/CAD edges higher ahead of BoC’s interest rate decision and US Employment, and ISM Services PMI data. The BoC is universally expected to cut interest rates by 25 bps to 4.75%. The US data will influence Fed rate-cut prospects for September. The USD/CAD pair rises toward the round-level resistance
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The three-day Treasury rally morphed into a four-day advance yesterday
Markets The three-day Treasury rally morphed into a four-day advance yesterday. The common theme is some worry on (US) growth momentum. It all started last Thursday with downward revisions to Q1 GDP data (especially consumption). Slightly disappointing spending data on Friday, a steeper drop in new
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GBP/JPY churns near 200.00 ahead of a quiet week
GBP/JPY cycles 200.00 in rough churn as Yen struggles to hold steady. GBP and JPY settle in for a quiet week on the data docket. UK Retail Sales and Japanese wages both expected to rebound this week. GBP/JPY is cycling the 200.00 major handle heading into a quiet week for both currencies, with the e
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Silver Price Forecast: XAG/USD bounces back from $30 as Yields decline ahead of US data-packed week
Silver price revives downside move as US bond yields drop sharply. US bond yields weaken as market speculation for Fed reducing interest rates in September improves. The next move in the US Dollar will be guided by the US ISM Manufacturing PMI for May. Silver price (XAG/USD) recovers strongly after
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India brings 100 tons of Gold home for safe keeping
The Reserve Bank of India recently brought a little over 100 tons of gold home. And more gold may be heading back to India in the near future. The Indian central bank repatriated the gold from vaults in the UK. According to a Times of India report, moving 100 tons of gold over 4,000 miles was "a mas
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XAUUSD UPDATE 31-5-24
#XAU/USD# Buy at :$2320-$2335🔺 Sell at" $2360-$2375🔻 The price of gold hovers close to $2,330, maintaining its position following a marginal decrease on Thursday. The momentum of the US Dollar shows signs of diminishing, lending support to the downside of gold. Market participants ar
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US Pres Trump guilty of election fraud but market focus remains on Fed's favorite gauge
Notes/Observations - Mixed trade ahead of US PCE deflator at 08:30 ET. Technology sector is underperforming in Europe after Dell earnings tanked stock ~15% afterhours and weighs on sector in general. - Flutter of CPI and GDP readings out of Europe tell a similar story of inflation returning to targe
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Silver Price Forecast: XAG/USD extends losses to near $31.00 due to market caution
Silver price continues to lose ground as traders exercise caution ahead of US Core PCE. US Treasury yields appreciate due to the hawkish Fed, which weakens the demand for non-yielding Silver. The higher US Dollar impacts the grey metal demand as it becomes more expensive for foreign buyers. Silver p
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Pound Sterling ticks down amid uncertainty ahead of US core PCE Inflation
The Pound Sterling is down slightly against the US Dollar ahead of the US core PCE inflation data. The underlying US inflation data is expected to have grown steadily. UK business optimism improves due to cooling inflationary pressures and expectations for BoE rate cuts. The Pound Sterling (GBP) com
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Silver Price Analysis: XAG/USD tanks towards $31.00 as ‘evening star’ emerges
Silver prices tumbled even though US bond yields fell. The formation of an ‘evening star’ can pave the way to challenge lower prices. XAG/USD to consolidate around $31.00 if buyers hold firm around the latter. Silver prices dropped from daily highs that had reached around $32.09 earlier, even though
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Zimbabwe officials already looking to inflate new Gold-backed currency
Last month, Zimbabwe officials introduced a gold-backed currency in an effort to stabilize the country’s economy. At the time, I warned that a gold-backed currency would be a great step, but that it wasn’t going to solve Zimbabwe’s problems unless the government changed its ways. So far, things don’
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