U.S. stock indexes opened on a positive note as the latest PCE data indicated a decrease in inflation, easing concerns about potential interest rate hikes.
Inflation and interest rates have been dominating financial news for months and causing currency traders to overthink their strategies. For some countries, inflation has been a runaway train since the lockdown years, but there are signs that some economies are taking back control, despite persistent whispers of an imminent global recession.
Global markets portray the typical pre-data inaction as traders prepare for the top-tier inflation clues from Europe and the US. Adding chains to the momentum are mixed concerns about China and fears of Japan's intervention.
During the evening trading session on Thursday, U.S. stock futures exhibited a varied performance, following a predominantly positive session for major benchmark averages.
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The PCE Core inflation came in slightly lower than before and below expectations at 4.6% YoY (expected 4.7% YoY), leading to further weakness in the dollar. EURUSD rose close to the 1.10 level, although the largest moves against the US dollar were seen in recently oversold currencies such as NZD and SEK.
Freshforex broker that is offering traders with products you would like to trade on, such as Forex, CFD and Crypto for your best choice. Is hereby announcing the change of some trading hours for their products as a result of Independence Day in US on 4th July. Therefore, clients are advised to be aware of the changes.
Australian resource and energy exports climbed 9% to a record A$460 billion ($300 billion) in the financial year just ended, but are forecast to slide over the next two years as some energy prices have dropped back to levels last seen before Russia invaded Ukraine.
Spot gold oscillated narrowly during the Asian session on Monday (July 3) and is currently trading near $1917.06 per ounce.
On Friday, spot gold once down near the $1,900 mark, the U.S. market slightly softened expectations of a rate hike at the next Fed meeting due to a slightly higher-than-expected drop in core PCE
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Due to temporary system maintenance, the trading hours of some products will be adjusted on Saturday 1st July 2023.
Spot gold traded in a narrow range during Asian hours on Friday (June 30), trading near $1,905.44 an ounce.
On Thursday, on the back of a series of strong U.S. economic data, spot gold briefly fell nearly $20 in premarket trading, briefly falling below the 1,900 mark for the first time since mid-March, before strongly recovering all losses to end up 0.04 percent at $1,908.15 an ounce.
Please refer to the following table for the changes in the trading hours during the month of July 2023.
WCG Markets:2023-06-30
Spot gold tumbled to a new low of nearly three and a half months to $1902.70 per ounce in Asia on Thursday (June 29) and is now trading near $1,904.19 per ounce.
Spot gold fell sharply on Wednesday as Powell reiterated his hawkish stance, falling below the 1,910 mark and hitting a near four-month low before settling down 0.32 percent at $1,907.46 an ounce. Spot silver settled down 0.7% at $22.69 an ounce.