The USD/JPY pair rose again to around 155.85 at the start of Wednesday's Asian session, after declining for three consecutive days. The slight strengthening of the US dollar occurred as markets awaited the release of important economic data from the United States. However, the USD's gains still appeared limited due to volatile risk sentiment. The US dollar found some support, but recent reports regarding the next Federal Reserve Chair candidate have made market participants cautious. Kevin Hassett, a White House economic adviser, is said to be the leading candidate. He is known to support...
Silver remains stable near its record high after rising about 17% over the past seven sessions. This rally is due to traders expecting lower US interest rates, which typically benefit precious metals. Meanwhile, gold prices remained flat after a two-day decline, reflecting the market's anticipation of new monetary policy direction from the Federal Reserve. Investors are focusing on the possibility of a rate cut by the new Federal Reserve Chair and US economic data due this month. Lower interest rates make gold and silver more attractive because precious metals do not pay interest. The...
Profit-Taking Pressures Gold, Will It Fall Further? | Profit-Taking Tekan Emas, Bakal Lanjut Turun? The global gold price (XAU/USD) fell to around $4,210 in early Asian trading on Wednesday morning. This decline followed a strong previous rally, when many market participants opted to take profits first. Investors also chose to wait for the release of important US economic data in the next few days before opening new positions. Today, the market is awaiting the release of the ADP Employment Change (private employment data) and the ISM Services PMI (service sector activity). Both of these...
The Australian Dollar (AUD) rose and reached a three-week high against the US Dollar (USD) during Wednesday's Asian session. This rise occurred despite less-than-satisfactory Australian economic data.The Australian Bureau of Statistics reported that third-quarter economic growth fell to 0.4% from 0.6% previously, a figure lower than market expectations. Typically, such poor data would put pressure on the AUD, but this time it had little impact.One factor was the hawkish stance of the Reserve Bank of Australia (RBA). RBA Governor Michele Bullock stated that inflation remains higher than...
The US Dollar Index (DXY) fell slightly by 0.1% to around 99.20 during the Asian session on Wednesday (December 3). This weakening occurred due to increasing speculation that Kevin Hassett, White House Economic Advisor, could replace Jerome Powell as Chairman of the Federal Reserve after his term ends in May. Statements by US President Donald Trump, who publicly mentioned Hassett as a potential candidate, further strengthened market expectations. Analysts believe that if Hassett leads the Fed, the central bank's independence could be threatened, as he is known to strongly support Trump's...