On Wednesday, November 16, Beijing time, during the Asian/European session, spot gold fluctuated in a narrow range, at present, it is trading near 1774 dollars/ounce. The report that Russian missiles fell into Poland, a NATO member, causing two deaths touched people's hearts.
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On Tuesday, November 15, the US dollar index fell by more than 1% in the day, hitting a three-month low, as the US economic data fell short of expectations and strengthened the prediction that inflation would peak and the Federal Reserve would slow down interest rate hikes.
Outlook on Brent crude oil, gold and US natural gas amid a sliding US dollar.
The euro and sterling have moved up against the dollar, with the pound boosted by wage data this morning. USD/JPY is holding steady just below the 100-day SMA.
Time forex is divided into 4 sessions, namely: Asia, Australia, America, and Europe. Those regions as forex core. It is determining price and forex movement.
On Monday (November 14), the US dollar index rebounded above 107, but after Fed officials said they might soon slow down the pace of interest rate hikes, the US dollar index's rise narrowed, and finally ended up 0.44% at 106.88.
The Week Ahead: Will the FED pivot to the emerging dynamics?
On Monday, November 14, Beijing time, during the Asian European session, spot gold weakened after opening low. At present, it is trading at US $1759.02 per ounce. Therefore, the former gonveror of the Federal Reserve said that the anti inflation stance has not been "softened", helping the yield of the US dollar and US debt rebound, thus putting pressure on the gold price.
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Resumption of global market trendLast Friday, on November 11, the US dollar index continued to fall. At one point in the day, it fell nearly 2%, and closed 1.41% lower at 106.41. Last week, it fell nearly 4%, hitting a new low in nearly three months. The onshore RMB closed at 7.1106 against the US dollar at 16:30 on November 11, up 1368 points from the previous trading day. The US debt market was closed on Friday for the Veterans' Day holiday.
On Friday, November 11, Beijing time, spot gold shocks higher in the Asian and European trading sessions, extending overnight gains, once hit nearly two and a half months high to $ 1762.98 per ounce. Because overnight U.S. data show that the impact of slowing inflation further fermented, the Federal Reserve officials also publicly expressed support for slowing the pace of interest rate increases.
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On Thursday, November 10, after the release of U.S. inflation data, the U.S. index continued to dive below 108, closing down 2.336% at 107.87, which was the largest single-day decline in more than 10 years.
The dollar dipped on Thursday, while other assets like equities, currencies and commodities rocket after US consumer inflation data fell more than expected in October.
Last night it was announced that Meta (Facebook) was cutting 11,000 employees, reducing their total staff by 13%. This continues a worrying trend of large-scale tech company job cuts that could be a signal of what is to come for the broader employment market.
Both gold and silver surged higher again last night amid a continued weakening USD and volatility returning to markets on mixed news around possible peace talks in Ukraine, the possibility of a full Republican congress and the ‘war’ between 2 of the biggest crypto exchanges breaking out and crypto falling accordingly. But there are more structural factors at play as discussed earlier.
On the crypto market, optimists are shedding blood, and not for the first day in a row. The BTC has dropped to 18,135 USD. The leading cryptocurrency lost 8% overnight and more than 11% over a week.
The market major today is aiming high. The current quote is 1.0080.
EURUSD, “Euro vs US Dollar”