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Hello everyone, today XM Forex will bring you "[XM Forex Decision Analysis]: Is the Federal Reserve going to cut interest rates again? Gold hits a record high again." Hope this helps you! Original content is as follows:
On October 16, gold prices extended their historical gains to a new all-time high above $4,240 early on Thursday after rising more than 1.5% on Wednesday. Gold pulled back lower but remained above $4,200 as markets stabilized during the European session. Investors will be closely watching zgykf.cnments from central bankers in the second half of the day as the U.S. government shutdown delays U.S. data releases.
In mid-week, the U.S. dollar continued to weaken against major currencies, pressured by uncertainty in Sino-U.S. trade relations. While U.S. Treasury Secretary Scott Bessant said they don't want to decouple from China, he noted that China is trying to erect new trade barriers. The U.S. dollar index held steady above 98.50 during the European session on Thursday after falling about 0.4% on Wednesday. Fed Governors Christopher Waller and Michelle Bowman will speak later in the day.
The Office for National Statistics reported earlier on Thursday that gross domestic product (GDP) grew at a monthly rate of 0.1% in August. The data follows a 0.1% contraction in July, in line with market expectations. Other data in the UK showed that industrial production and manufacturing production increased by 0.4% and 0.7% month-on-month respectively. After rising around 0.6% on Wednesday, GBP/USD remained relatively calm during early European trading on Thursday, trading above 1.3400.
EUR/USD is still in a consolidation phase near 1.1650 after rising for two consecutive days. European Central Bank President Christine Lagarde will attend an International Monetary Fund (IMF) meeting later in the day on “Global"Global Economy: Economic Policy in the Face of Disruptive Change" debate.
The Australian Bureau of Statistics announced earlier on Thursday that Australia's unemployment rate climbed to 4.5% in September from 4.3% in August. During the period, employment change was +14.9K, while the market expected +17K. Meanwhile, Christopher Kent, Assistant Governor of the Reserve Bank of Australia (RBA), noted that after the recent interest rate cut, , financial conditions have become less restrictive, adding that they will assess the policy outlook based on incoming data. After closing in positive territory on Wednesday, AUD/USD struggled to hold its ground and edged lower on the day to around 0.6500.
Japanese Finance Minister Katsunobu Kato reiterated on Thursday that they are monitoring excessive volatility and disorderly movements in the foreign exchange market. USD/JPY stabilized around 151.00 in early European trading after falling around 0.8% for two consecutive days.
USD/CAD traded sideways to just below 1.4050 after closing slightly lower on Wednesday. Bank of Canada (BoC) Governor Tiff Macklem will speak later in the US session.
During the European session on Thursday, gold stalled around the $4,200 mark during the intraday correction and maintained its bullish trend near the historical high.
Euro: EUR/USD continues to move higher from the rebound from 1.1540, but is still well below the 1.7778 resistance level. Intraday bias remains neutral, with further losses still expected. On the downside, a break above 1.1540 will resume the decline from 1.1917 to 1.1390, or fall further to 1.1252, the 38.2% retracement of 1.0176 to 1.1917.
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