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Strong central bank buying has helped to offset ETF outflows in the Gold market. Demand is set to continue as central banks increase their allocation towards safe assets, economists at ING say. China leads central bank buying Central bank demand maintained its momentum in the fourth quarter with a f

Spot Gold bids set a new record high on Wednesday.XAU/USD touches $2,150 as markets devour Fed Chair Powell’s words.Fed’s Powell sees no recession, qualifies inflation outlook. Spot Gold prices are pushing deeply into bullish territory on Wednesday, with XAU/USD setting a tentative all-time high at

The USD/JPY has climbed back to near previous peaks above 150, could this be a sign it is topping?Indicators remain mostly ambivalent and price action relatively muted so it’s too early to say. Rumors the BoJ may be about to raise interest rates have stimulated talk of a USD/JPY breakdown The U

The US economic calendar featured the release of the S&P Global Services PMI, followed by the Institute for Supply Management (ISM) PMI. The former rose to 52.3, below January 52.5, while the Composite PMI, which encompasses manufacturing and services activity, was 53.8, missing estimates and th

The Australian Dollar trades around 0.6570 on Thursday. Key resistance is noted near the psychological level of 0.6600, aligned with the 38.2% Fibonacci retracement level of 0.6606. A break above the latter could support the AUD/USD pair to explore the region around the major level of 0.6650. On the

NZD/USD posts modest gains near 0.6130 in Thursday’s early Asian session. Fed’s Powell said he expects rate cuts later this year, but the number of cuts will depend on the economy. RBNZ’s Conway said it might begin to cut rates sooner than expected if the Fed starts easing later this year.

The US Dollar trades in the green against all major G20 peers. Markets brace for US PMI numbers after digesting disappointing comments out of China’s National People’s Congress.The US Dollar Index still orbits around 104.00, and PMI data could be market-moving. The US Dollar (USD) f

The UK’s Chancellor of the Exchequer, Jeremy Hunt, presented the spring budget to the House of Commons. Hunt said that according to the Office for Budget Responsibility (OBR), the economy is expected to grow 0.8% in 2024 and 1.9% next year, 0.5% higher than the autumn forecast. Regarding debt, the O

The AUD/USD bounced off the week's lows and reclaimed the 100 and 200-day moving averages (DMAs) at around 0.6560/61, extending its gains toward 0.6581. Despite that, buyers failed to conquer the 50-DMA at 0.6591, which could open the door for a pullback. A breach of the latter will expose 0.6600. O

Australia’s trade surplus widened to 11,027M MoM in February versus 11,500M expected and 10,959M in the previous reading, according to the latest Aussie foreign trade data published by the Australian Bureau of Statistics on Thursday. Further details reveal that Australia's December Goods/Services Ex

GBP/USD stretches its upside. Economists at Scotiabank analyze the pair’s outlook. Clear and sustained push through 1.2710 should see gains extend a little more Solid gains in Cable Friday suggest spot can push a little higher in the short run to retest the low 1.2700 area. But the broader backdrop

EUR/USD focuses on shifting its auction range above 1.0850 as the US Dollar drops.Weak US Manufacturing PMI has prompted expectations of Fed rate cuts in June.Eurozone’s high monthly inflation growth has eased early ECB rate-cut expectations. The EUR/USD pair aims to shift the trading range above th

There is a risk that the BoC will turn a notch more dovish at the March meeting. Thus, the Canadian Dollar (CAD) could come under pressure in the next week, economists at ING say. Mixed data points to BoC’s holding pattern Policymakers are now looking at a pretty mixed bag when it comes to data. Cru