Gold recovers from weekly low as US data, FOMC Minutes loom

Market players brace for a slew of data/events on early Wed. .mmnesday as they consolidate the year-start moves amid mixed feelings. Even so, dovish Fed bias joins the China stimulus hopes to unde and Antipodeans. However, the odds of witnessing the US soft landing tests the US Dollar bears of late.

That said, the US Dollar‘s struggle to defend the previous day’s recovery allows EURUSD and GBPUSD to regain upside momentum despite Tuesday‘s downbeat PMIs from the Eurozone and the UK. USDJPY, however, remains firmer while tracing the Treasury bond yields’ rebound whereas the USDCAD remains dicey as Oil prices stay pressured and the Bank of Canada (BoC)is more likely to announce rate cuts in 2024.

Elsewhere, Oil remains depressed at a two-week low while the Gold price snaps a three-day losing streak amid downbeat US Dollar and mixed sentiment.

It should be noted that the BTCUSD and ETHUSD both defend the latest recovery moves near the yearly high as crypto traders remain hopeful of a better 2024 due to spot ETF approvals.