Gold (XAU/USD) trades marginally higher on Friday, oscillating within the familiar range that has defined price action this week, as dovish Federal Reserve (Fed) expectations keep the precious metal broadly supported. At the time of writing, XAU/USD is hovering near $4,222, with investors turning their focus to the delayed US Personal Consumption Expenditures (PCE) inflation data due later in the day. Markets will closely parse the PCE release as the final checkpoint ahead of next week's Fed interest rate decision. Recent labour indicators have delivered mixed signals but have done little...
The US Dollar (USD) rose sharply on Wednesday after former US President Donald Trump secured enough electoral votes to become the next US president. The former US President secured 277 votes, more than enough to surpass the magic 270 threshold needed to secure a majority. An additional element that may lead to more US Dollar strength is the fact that Republicans have secured a majority in the Senate. While the race for control of the US House of Representatives is still undecided, it seems that Trump will not be a powerless president and will have the support of both houses when it comes to...
Gold (XAU/USD) plunged below $2,700 on Wednesday as the US Dollar (USD) strengthened after Republican presidential nominee Donald Trump was declared the winner of the US presidential election. Trump won with 277 electoral votes over Vice President Kamala Harris' 224, according to the Associated Press. The USD strengthened on the market's view that Trump's economic and tariff agenda would strengthen the US Dollar. This, in turn, was negative for Gold as it is mostly priced and traded in USD. Gold also weakened as capital rotated out of Gold and other safe-haven assets into riskier assets...
The USD/JPY pair refreshes a four-month high near 154.40 in European trading hours on Wednesday. The asset strengthens as the US Dollar (USD) outperforms its rival currencies with the victory of Republican candidate Donald Trump in sight. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, climbs above 105.00. According to the Associated Press, Donald Trump has already won three out of seven major battleground states of North Carolina, Pennsylvania, and Georgia and leading over Democratic rival Kamala Harris in the rest. Market experts see Trump's...
Silver (XAG/USD) price depreciated near $32.20 during the European session on Wednesday. The daily chart analysis suggests a potential shift in momentum from bullish to bearish, as the nine-day Exponential Moving Average (EMA) is aligning with the 14-day EMA. A downside crossover here would signal weakening near-term momentum. Furthermore, the 14-day Relative Strength Index (RSI) is consolidating just below the 50 level, indicating an ongoing bearish bias. However, traders would want to see further moves to get a clear trend direction for the XAG/USD pair. Furthermore, the Moving Average...
The reaction to the US election so far in the FX market has been, as expected, a strong dollar across the board. "There is no major divergence in the performance of G10 currencies, with daily losses totaling around 1.0-1.7% except for the Canadian dollar, which is down less than 1%. This reflects the view that a landslide Republican victory is positive for the US economy and, by extension, Canadian exporters, as well as the fact that the CAD will be less exposed to tariffs in China and geopolitical developments under a new Trump presidency." "The sharp rise and broad sell-off across the...
Gold is being weighed by a stronger U.S. dollar as investors eye the election results, says Phillip Nova's Priyanka Sachdeva in a note. The U.S. dollar gained in early Asian trade as early election results trickled in. No matter whether Trump or Harris wins, gold remains the preferred hedge as the risk is immense and investors will need robust hedges in portfolios, the senior market analyst says. Current gold projections discount easing Fed rates, but inflation is still hovering above the Fed target, she says. There's still a possibility of derailment, especially given Trump's inflationary...
The Japanese yen weakened to around 154 per dollar on Wednesday, hitting its lowest level in 14 weeks as the dollar and US Treasury yields surged after former President Donald Trump took an early lead against Vice President Kamala Harris in the US presidential race. The results have unfolded largely as expected, with the outcome now hinged on seven key swing states. Domestically, minutes from the Bank of Japan's most recent meeting revealed that board members were in broad agreement on continuing to raise interest rates, as inflation and economic conditions align with the central bank's...
Oil slumped as traders monitored the US presidential election, and an industry report signaled a gain in stockpiles. Brent crude fell below $75 a barrel, with West Texas Intermediate near $71. With polls closed in more than two-thirds of states, Donald Trump had taken an early electoral lead over Kamala Harris, although the contest could take days to settle. A gauge of the US dollar advanced, weighing on most commodities. The outcome of the race for the White House carries the potential for significant shifts in US foreign, energy and climates policy. If Trump were to win,...
Gold rises in the early Asian trade. There's a broad commodities uptrend, driven by macro uncertainty, a weaker dollar, and persistent demand for "hard" assets, says Fawad Razaqzada, market analyst...
Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook.
Brent...
The Japanese Yen (JPY) weakened against its US counterpart and reversed part of Friday's recovery from the lowest level since July 23 following Bank of Japan (BOJ) Governor Kazuo Ueda's remarks....