The news of Charlie Kirk assassination acted as a catalyst for gun stocks on speculation of potential stricter gun control and increased demand for personal defence
West Texas Intermediate (WTI) US Crude Oil prices drift lower during the Asian session on Thursday and for now, seem to have snapped a three-day winning streak to a one-week high, around the $63.75-$63.80 region, touched the previous day.
The AUD/JPY cross loses ground to near 97.45 during the early European session on Thursday. The upbeat Japanese economic data, including the Reuters Tankan poll and revised Gross Domestic Product (GDP), keep the door open for an imminent Bank of Japan (BoJ) interest rate hike by the year-end.
Silver (XAG/USD) struggles to capitalize on the previous day's positive move and oscillates in a narrow trading band, just above the $41.00 mark during the Asian session on Thursday.
Japanese firms say stricter limits on foreign workers would be counterproductive amid a shrinking population and rising labour shortages, which have already triggered a record pace of bankruptcies.
The RBNZ says Hawkesby speech will provide "No new information will be provided regarding economic conditions or the August MPS". Perhaps in the Q&A though?
The New Zealand Dollar advanced on Wednesday, posted gains of over 0.24% as traders digested the latest factory gate inflation report. An evolution of the disinflation process, drove the NZD/USD pair higher, past the 0.9540 mark during the day.
The USD/JPY remains consolidated on Wednesday as buyers and sellers remain unable to move the markets past the 147.00-147.65 range for the last couple of days. At the time of writing, the major sits at 147.36 down a minimal 0.07%.
Gold price surges on Wednesday, up by over 0.60%, folllowing US inflation data, which increased speculation that the Federal Reserve (Fed) will resume its easing cycle at the upcoming September meeting. At the time of writing, XAU/USD trades at $3,646, shy of the record high of $3,674.
The GBP/USD hoovers around the 1.3550 figure for the third straight day after the latest inflation report in the United States (US) showed that prices paid by producers dipped in August, increasing the chances for an interest rate cut by the Federal Reserve.
USDCHF sees sellers maintain dominance with resistance at 0.7994. Further downside hinges on breaking 0.7938–0.7947 area. Watch the video for insights.
Gold (XAU/USD) clings to gains on Wednesday after a sharp reversal the previous day, with the metal soaring to an all-time high near $3,675 before retreating to settle at $3,625.
The Pound Sterling (GBP) is entering Wednesday’s NA session with a marginal gain vs. the USD as it consolidates in a tight range just above 1.3500, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
The Euro (EUR) is entering Wednesday’s NA session flat against the US Dollar (USD) and also unchanged from Friday’s close, having relinquished much of its gains observed earlier in the week, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
The Australian Dollar (AUD) climbed near July highs as stronger-than-expected GDP and household spending data cast doubt on further RBA rate cuts this year.
Gold keeps trading higher on Wednesday despite its overstretched condition and technical signals anticipating a bearish correction. The weak US Dollar, amid rising bets of Fed easing and rising geopolitical tensions in Europe and the Middle East, keeps Bullion’s safe-haven appeal intact.
US Dollar (USD) is likely to trade in a range between 7.1160 and 7.1330. In the longer run, downward bias is building, but USD must first close below 7.1100 before a sustained decline can be expected, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
US Dollar (USD) is expected to trade in a range, most likely between 147.00 and 148.00. In the longer run, outlook remains mixed; USD is now expected to trade in a range of 146.00/149.00, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
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