United States CFTC Gold NC Net Positions climbed from previous $181.3K to $194K
United States CFTC Gold NC Net Positions climbed from previous $181.3K to $194K
Market narrative
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United States CFTC Gold NC Net Positions climbed from previous $181.3K to $194K
Forex
USD/CAD is consolidating just below major resistance after a powerful multi-week rally carried the pair into fresh yearly highs. The tight range highlights a market coiling for its next directional move, with the July opening range now taking shape beneath a key technical barrier.
Gold slips as firm US yields cap post-NFP rebound
Precious metals markets are moving lower at the start of the week.
The American currency gains ground, supported by strong ISM Services PMI report.
The Pound Sterling strengthened against the euro as EUR/GBP broke below the 0.86 level, with investors scaling back expectations for further European Central Bank rate hikes following the sharp fall in oil prices and improving inflation outlook. Latest — Exchange Rates:Euro to Pound (EUR/GBP): 0.854586 (-0.23%)Pound to Dollar (GBP/USD):.
Pound Sterling Price News and Forecast: GBP/USD holds range as USD strength meets Fed doubts
British Pound: Range-bound against US Dollar with steady BoE expectations – Scotiabank
At the start of the week, USD/JPY is once again showing notable buying pressure. Over the last few trading sessions, the pair.
Gold held onto its losses after the ISM services PMI came out a touch weaker than expected, although still shown solid expans.
The Reserve Bank of New Zealand heads into Wednesday's meeting on shaky ground. After May's 3-3 split was resolved by a casting vote, the committee still lifted its rate path sharply, eyeing a 3.28% terminal rate by 2029.
Silver Price Forecast: XAG/USD struggles below key SMAs despite easing Fed hike bets
Euro: Soft tone against US Dollar with stable ECB expectations – Scotiabank
Junior Gold Miners ETF (GDXJ) still has room for more downside
Goldman Sachs predicts the US dollar will extend its advance against the Japanese yen over the coming year, arguing that Japan's structural headwinds continue to outweigh the risk of official currency intervention. The investment bank has lifted its USD/JPY exchange rate forecasts after the yen weakened to fresh multi-decade lows,.
The Euro to Dollar (EUR/USD) exchange rate is trading around 1.1420 after surrendering some of last week's gains as investors reassessed the outlook for US interest rates. HSBC believes the recent pullback in the US Dollar is justified following softer US labour market data, but argues the broader outlook still favours the.
I think we're in the middle of trying to find the floor in the gold market, but we still have a lot of overhead resistance. Because of this, I expect choppy trading.
Silver gaps higher to kick off the Monday session, as we are trying to price in the idea that the Fed may not hike as rapidly as once thought.
The US dollar has rallied a bit to recover in early Monday trading. Perhaps the markets overreacted to the jobs report?
Euro: Resilient data backs range rebound against US Dollar – MUFG