September 2nd 2020: Upbeat ISM Manufacturing Survey Supports Modest DXY Recovery
- Daily Report, Recent Posts, Technical Analysis
- September 1, 2020
It was quite the week! Top of the bill last week, of course, was the stronger-than-expected US CPI inflation print, which, immediately following the release, underpinned the dollar and US Treasury yields, as well as pushed spot gold (XAU/USD) and US equity index futures southbound. Interestingly, a hawkish repricing in the Fed funds target rate
READ MOREAnother week, another record high for the precious metal. The spot price of gold (XAU/USD) refreshed all-time highs at $2,431 last week, strengthened by expectations of US rate cuts, safe-haven demand amid geopolitical tensions in the Middle East and central banks purchasing large stockpiles of gold. However, sentiment soured on Friday, casting gold -1.2% lower
READ MOREThe S&P 500 finished another week in negative territory, shedding -1.6% (-2.5% MTD). While it is clear that this market remains the domain of buyers, 90% of the upside in March has been reclaimed, and evidence is building for a deeper correction. Deeper Correction Possible Kicking things off from the monthly chart, following last week’s
READ MORESterling ended the week considerably lower against the US dollar, recording its largest one-week decline since July 2023 (-1.5%). In light of the slew of UK economic data on the docket this week—wages, CPI inflation and retail sales—this will be a particularly key market to monitor. Monthly Resistance Holding Firm Price action on the monthly
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