Daily digest market movers: Gold price depressed and might test 50-day SMA

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  • Last week’s US inflation data indicated continued progress towards the 2% target; however, inflation appears stickier than anticipated, as June's Core PCE figures exceeded estimates for both monthly and yearly numbers.
  • Alongside the Fed’s decision, two other major central banks would feature monetary policy decisions: the Bank of Japan and the Bank of England.
  • The BoJ, the outlier of the major G7 central banks, is widely expected to raise rates by 15 basis points at the upcoming monetary policy meeting.
  • The BoE is foreseen to begin its easing cycle on August 1.
  • Data by the Chicago Board of Trade (CBOT) shows that traders are pricing in 54 basis points (bps) of easing towards the end of the year, as shown by the December 2024 fed funds rate futures contract.


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