EUR/USD loses ground after three days of losses, trading around 1.1660 during the Asian hours on Friday. Traders await July Retail Sales and August preliminary Consumer Price Index (CPI) data from Germany later in the day. Focus will shift toward the July US Personal Consumption Expenditures (PCE) Price Index data due in the North American session. The EUR/USD pair depreciates as the US Dollar (USD) recovers ground, as the United States (US) economy grew in the second quarter. US Gross Domestic Product (GDP) Annualized climbed 3.3% in Q2, a faster pace than the initially estimated 3.1%...
Gold hovered around $3,410 per ounce on Friday, near its highest level in over a month, and is on track for a second consecutive weekly gain, sustained by a softer US dollar and safe-haven demand. The metal continued to draw support as investors sought refuge amid uncertainty over US monetary policy. Concerns that political pressure on the Federal Reserve could accelerate interest rate cuts have bolstered prices, with markets largely pricing in a 25 bps reduction in September. Fed Governor Christopher Waller also signaled support for starting rate cuts next month, saying he "fully expects"...
The Australian dollar edged higher to around $0.654 on Friday, marking its fourth consecutive session of gains to hit a two-week high, as the US dollar remained under pressure. The greenback continued to struggle from mounting expectations of a Federal Reserve rate cut next month as Governor Christopher Waller signaled support for easing, while President Donald Trump's removal of Fed Governor Lisa Cook raised fresh concerns about the central bank's independence. The AUD also drew strength from stronger-than-expected domestic inflation, tempering market bets on near-term rate cuts from the...
Gold prices are flat in early Asian trade. Geopolitical tensions, renewed trade frictions and dented global sentiment have kept investors leaning on the yellow metal as a safe haven, Phillip Nova analyst Priyanka Sachdeva says in a research note. While profit-taking could cap gains for gold prices after the recent rally, broader macro drivers are still supportive, she notes. Gold prices will be shaped by incoming U.S. data such as the July PCE print, the analyst says, as they could cement expectations of a Fed rate cut in September. Spot gold is flat at $3,415.35/ oz. Source: Bloomberg