September 2nd 2020: Upbeat ISM Manufacturing Survey Supports Modest DXY Recovery
- Daily Report, Recent Posts, Technical Analysis
- September 1, 2020
Fuelled amid softer-than-expected US economic data—ADP non-farm employment change and JOLTs—and hopes of the Fed cutting rates in the summer, spot gold (XAU/USD) is on track to wrap up a sixth day in positive territory after refreshing all-time highs at $2,150. It has been quite the run for the precious metal, but with price now
READ MOREToday will see the release of the Bank of Canada (BoC) rate decision at 2:45 pm GMT. BoC to Hold the Line The BoC is widely expected to keep its Overnight Rate on hold at 5.0% for a fifth consecutive meeting—a 22-year peak. As per the OIS curve, there’s only a 6% chance that we
READ MOREFollowing the US cash open, we can see precious metals have been broadly bid today. The price of spot gold (XAU/USD) and spot silver (XAG/USD) are +1.7% and +2.8% higher, respectively, at the time of writing. Despite UST yields advancing and the Dollar Index offering very little, both gold and silver are outperforming! Resistance is
READ MOREWhere We Were Last Week One of the highlight events last week was the Reserve Bank of New Zealand (RBNZ) which held the Official Cash Rate (OCR) on hold at 5.50% for a fifth consecutive meeting. The central bank also trimmed its OCR projections, unearthing a dovish shift which sent the NZD strongly lower. Major
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