
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
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During this week gold has been consolidating in the $1807-$1820 range waiting for the US jobs data announcement. After the past release on August 6, gold fell by almost 6%.
Last week, Fed Chair Jerome Powell acknowledged in his remarks at the Jackson Hole symposium that tapering could begin this year, but the Fed will remain cautious in its decision to raise interest rates.
The labor market is one of the main indicators of the US economic health, which recovery can push the Federal Reserve to start pandemic stimulus tapering and interest rates increasing.
While gold is considered a hedge against inflation and currency debasement, caused by massive stimulus measures, higher interest rates can weaken investors’ interest in gold.
4H Chart
Gold did not show an expected response to the dovish Powell’s speech. It means markets recognize that the direction for policy is now starting to wind back stimulus. In this case, any hawkish statement can weaken gold and sent it down to $1700 in a couple of hours. In this case, it looks risky to open any trades before the jobs data announcement.
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now trading within the Kumo…
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair is now trading above the Kumo…
The value of the US dollar continues to rise, but is this because of the strength of the dollar itself or just the weakness of the euro, Japanese yen, and British pound?
The US dollar index rose to 105.40 after the Fed’s 75-basis-point key rate hike, while the stock and the crypto markets fell. However, during the past few days, investors and traders returned to risk assets as they expect inflation growth to slow. Moreover, Jerome Powell, the head of the Federal Reserve, announced the Fed might start cutting the key rate by 2024, which is the most evident hint of an upcoming market reversal.
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
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