- Weaker US economic data released on Tuesday reaffirmed market expectations that the Federal Reserve will cut interest rates sooner rather than later and lifted the Gold price back closer to the all-time peak.
- The Institute for Supply Management (ISM) reported that economic activity in the services sector expanded in February for the 14th consecutive month, albeit at a slower pace amid a decline in employment.
- Separately, data published by the US Commerce Department's Census Bureau showed that total Factory Orders fell by 3.6% MoM (-2.0% YoY) in January following a 0.3% decline in the previous month.
- Apart from this, persistent geopolitical tensions and China's economic woes tempered investors' appetite for riskier assets and further contributed to driving flows towards the perceived safe-haven precious metal.
- Bulls, meanwhile, opt to lighten their positions ahead of Fed Chair Jerome Powell's congressional testimony, which will offer clarity on the interest rate path and provide a fresh impetus to the XAU/USD.
- According to the CME Group's FedWatch tool, the markets are pricing in a 70% chance that the Fed will start cutting rates by June, keeping the US Dollar bulls on the defensive and limiting the downside for the commodity.
- Traders on Wednesday will further take cues from the release of the US ADP report on private-sector employment and JOLTS Job Openings data ahead of the closely-watched Nonfarm Payrolls report on Friday.
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