Articles
Gold Weekly Forecast: XAU/USD struggles to find direction heading into key week
399122 June 28, 2024 22:41 FXStreet Market News
- Gold managed to hold above $2,300 despite broad US Dollar strength.
- The technical outlook highlights XAU/USDÂ’s indecisiveness in the near term.
- Fed Chairman PowellÂ’s speech and key macroeconomic data releases from the US could help Gold find direction next week.
Gold (XAU/USD) came under bearish pressure and declined below $2,300 on Wednesday after starting the week in a calm manner. The pair, however, managed to recover its losses on Thursday and stabilized above $2,320. Federal Reserve (Fed) Chairman Jerome PowellÂ’s speech at the European Central BankÂ’s (ECB) Forum on Central Banking in Sintra on Tuesday and key macroeconomic data releases from the US, including the June jobs report, could help Gold break out of its range next week.Â
Gold has yet to decide on next direction
In the absence of high-tier macroeconomic data releases, the cautious market mood and hawkish comments from Fed officials allowed the US Dollar (USD) to stay resilient against its rivals and made it difficult for Gold to gain traction at the start of the week. Meanwhile, the data from the US showed on Tuesday that the Conference Board (CB) Consumer Confidence Index edged lower to 100.4 in June from 101.3 in May, while the Present Situation Index improved to 141.5 from 140.8 in the same period.
Fed Governor Michelle Bowman said on Tuesday that they are not yet at the point where it is appropriate to cut interest rates, adding that she is willing to raise rates at a future meeting if inflation progress were to stall or reverse.
The benchmark 10-year US Treasury bond yield gathered bullish momentum late Tuesday following BowmanÂ’s comments and continued to push higher on Wednesday. In turn, XAU/USD dropped below $2,300 for the first time in two weeks.
Mixed data releases from the US opened the door for a rebound in XAU/USD on Thursday. The Bureau of Economic Analysis (BEA) announced that it revised the annualized Gross Domestic Product (GDP) growth for the first quarter to 1.4% from 1.3% in the previous estimate. On a negative note, Durable Goods Orders ex Defense declined 0.2% in May after staying unchanged in April, while Pending Home Sales contracted by 2.1% on a monthly basis in May, highlighting worsening conditions in the housing market.
The BEA reported on Friday that inflation in the US, as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, edged lower to 2.6% on a yearly basis in May from 2.7% in April, as expected. On a monthly basis, the PCE Price Index was unchanged in May, while the annual core PCE Price Index, which excludes volatile food and energy prices, rose 2.6% in the same period, down from the 2.8% increase recorded in April. Finally, the monthly core PCE Price Index rose 0.1%. The USD struggled to find demand following the PCE inflation data, allowing gold to cling to its daily gains in the American session on Friday.
Gold investors await Powell speech, key US data
The ISM Manufacturing Purchasing Managers Index (PMI) data for June will be featured in the US economic docket on Monday. The headline PMI is forecast to improve to 49 from 48.7 in May. A reading above 50, which would point to a return to expansion in the sectorÂ’s business activity, could support the USD and limit GoldÂ’s upside in the American trading hours.
On Tuesday, the Bureau of Labor Statistics (BLS) will release the JOLTS Job Openings data for May. Investors are likely to ignore this report and stay focused on Fed Chairman Jerome PowellÂ’s speech at the ECBÂ’s Forum on Central Banking. This will be PowellÂ’s first public appearance since he spoke at the press conference following the June policy meeting.
If Powell voices a preference for a single rate hike this year, the initial reaction could provide a boost to the USD. On the other hand, investors could remain hopeful about an interest rate cut in September if Powell reiterates the data-dependent approach and refrains from dismissing the possibility of a policy pivot before the end of the year. According to the CME FedWatch Tool, markets are currently pricing in a 36% probability of the Fed leaving the policy rate unchanged in September.
Weekly Initial Jobless Claims, ADP Employment Change and the ISM Services PMI data will be released on Wednesday. Investors might remain reluctant to take positions based on these data because stock and bond markets will remain closed in observance of the July 4 holiday on Thursday. More importantly, the BLS will publish the June jobs report on Friday, which will include Nonfarm Payrolls (NFP), Unemployment Rate and wage inflation figures.Â
Late Wednesday, the FOMC will release the Minutes of the June policy meeting. The publication is unlikely to offer any fresh clues regarding the FedÂ’s interest rate outlook.
Following the stronger-than-forecast increase of 272,000 in May, NFP is expected to rise 180,000 in June. The Unemployment Rate is seen holding steady at 4% and the wage inflation, as measured by the change in the Average Hourly Earnings, is anticipated to grow 0.3%, down slightly from 0.4% growth in May. Unless there is a significant downward revision to the May NFP print, an increase of 200,000 or more in June could help the USD outperform its rivals ahead of the weekend. On the flip side, an increase of less than 150,000 could be seen as a sign of loosening conditions in the labor market and cause the USD to lose interest. In this scenario, XAU/USD is likely to end the week on a bullish note.
Gold technical outlook
The Relative Strength Index (RSI) indicator on the daily chart moves sideways near 50, highlighting a lack of directional momentum. Although Gold held above $2,300 (psychological level), it has yet to clear the 50-day Simple Moving Average (SMA), currently located near $2,340. If XAU/USD rises above this level and confirms it as support, technical buyers could take action. In this scenario, $2,380 (static level) could be seen as the next resistance before $2,400 (psychological level, static level).
On the downside, additional losses toward $2,280 (static level) and $2,265-$2,255 (Fibonacci 38.2% retracement of the mid-February-June uptrend, 100-day SMA) could be seen if $2,300 support fails.
Fed FAQs
Monetary policy in the US is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability and foster full employment. Its primary tool to achieve these goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the FedÂ’s 2% target, it raises interest rates, increasing borrowing costs throughout the economy. This results in a stronger US Dollar (USD) as it makes the US a more attractive place for international investors to park their money. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates to encourage borrowing, which weighs on the Greenback.
The Federal Reserve (Fed) holds eight policy meetings a year, where the Federal Open Market Committee (FOMC) assesses economic conditions and makes monetary policy decisions. The FOMC is attended by twelve Fed officials – the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining eleven regional Reserve Bank presidents, who serve one-year terms on a rotating basis.
In extreme situations, the Federal Reserve may resort to a policy named Quantitative Easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used during crises or when inflation is extremely low. It was the FedÂ’s weapon of choice during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy high grade bonds from financial institutions. QE usually weakens the US Dollar.
Quantitative tightening (QT) is the reverse process of QE, whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing, to purchase new bonds. It is usually positive for the value of the US Dollar.
The market is pricing in a Republican sweep
399121 June 28, 2024 22:29 Forexlive Latest News Market News
CNBC reported early today: Not only does Biden not plan to drop out, Biden remains committed to a second debate in September, citing an advisor. Other reports say that there is no pressure coming from his cabinet to resign.
To be clear, the decision is his alone and to get a viable candidate, VP Kamala Harris would also need to drop out. That doesn’t look like it will happen and the market is betting it leads to a strong Republican sweep of the House, Senate and White House.
Previously, there were lots of scenarios where Trump could win but lose the House or win it with only a few seat majority. Similarly, he could only have 1 or 2 extra votes in the Senate.
Instead, if Biden and the Democrats are wiped out, that would leave Republicans without opposition and that would clear the way for corporate tax cuts, deficits and strong regulatory changes. Now it might also lead to some real trade uncertainty but if you look at the broad Republican agenda, it’s certainly pro-stock market and I’m not sure you would want to price in anything else, at least at this point. However if you do, here are 7 concrete trade ideas from Jim Cramer if Trump wins.
To be fair, there are many cross-current here including good inflation numbers in both the PCE report and UMich inflation expectations. There is also the usual month-end uncertainty and positive July seasonals.
But I take it at face value as the S&P 500 climbs above 5500 for the first time.
SPX daily
NZD/USD Price Analysis: Bounces back strongly to 0.6100 as US Inflation cools in May
399119 June 28, 2024 22:18 FXStreet Market News
- NZD/USD rebounds strongly to 0.6100 on an expected decline in the US core PCE Inflation data for May.
- Annual US core PCE declined to 2.6% from 2.8% in April.
- Cooling US inflation figures have boosted Fed rate-cut prospects.
The NZD/USD pair recovers its intraday losses and rises to near the round-level resistance of 0.6100 in FridayÂ’s American session. The Kiwi asset gains as the US Dollar (USD) declines after the United States (US) Personal Consumption Expenditure inflation (PCE) report showed that price pressures softened expectedly in May.
The PCE inflation report showed that inflation decelerated to 2.6% from the prior release of 2.8% on a year-on-year. On month, price pressures grew at a slower pace of 0.1% from the former release of 0.3%, upwardly revised from 0.2%. Soft US inflation data has prompted expectations of early rate cuts by the Federal Reserve (Fed).
The US Dollar Index (DXY), which tracks the GreenbackÂ’s value against six major currencies, drops to near 105.80.
Meanwhile, the New Zealand Dollar (NZD) will dance to the tunes of the Caixin Manufacturing PMI data for June, which will be published on Monday. Activities in the manufacturing sectors are expected to have grown modestly to 51.2 from the prior release of 51.7. It is worth noting that New Zealand is one of the leading trading partners of China and slower growth in China weighs on the New Zealand Dollar.
NZD/USD delivers a breakdown of the Double Top chart pattern formed on a four-hour timeframe. The breakdown of the above-mentioned chart pattern triggered after a downside move below the swing low plotted from June 10 low near 0.6100, which results in a bearish reversal.
The 200-period Exponential Moving Average (EMA) near 0.6106 continues to act as a major barricade for the New Zealand Dollar bulls.
The 14-period Relative Strength Index (RSI) rebounds into the 40.00-60.00 range, suggesting that the downside momentum has faded.
A pullback move to near 0.6100 appears to be a selling opportunity for targets towards April 4 high around 0.6050 and the psychological support of 0.6000.
On the contrary, a reversal move above June 12 high of 0.6222, which will expose the asset January 15 high near 0.6250, followed by January 12 high near 0.6280.
NZD/USD four-hour chart
Economic Indicator
Core Personal Consumption Expenditures – Price Index (YoY)
The Core Personal Consumption Expenditures (PCE), released by the US Bureau of Economic Analysis on a monthly basis, measures the changes in the prices of goods and services purchased by consumers in the United States (US). The PCE Price Index is also the Federal ReserveÂ’s (Fed) preferred gauge of inflation. The YoY reading compares the prices of goods in the reference month to the same month a year earlier. The core reading excludes the so-called more volatile food and energy components to give a more accurate measurement of price pressures.” Generally, a high reading is bullish for the US Dollar (USD), while a low reading is bearish.
United States UoM 5-year Consumer Inflation Expectation came in at 3%, below expectations (3.1%) in June
399117 June 28, 2024 22:02 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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United States Michigan Consumer Sentiment Index came in at 68.2, above forecasts (65.8) in June
399116 June 28, 2024 22:02 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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United States Chicago Purchasing Managers’ Index registered at 47.4 above expectations (40) in June
399115 June 28, 2024 21:49 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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EUR: Downside comes on the back of the elections – MUFG
399114 June 28, 2024 21:35 FXStreet Market News
After initially dropping by two big figures in the six trading days following the announcement of snap elections in France, EUR/USD has stabilised since around the 1.0700-level but next week could be a week of renewed volatility depending on the result of the first round of elections on Sunday, Head of Research at MUFG Derek Halpenny notes.
Potential for downside move remains
“After initially dropping by two big figures in the six trading days following the announcement of snap elections in France, EUR/USD has stabilised since around the 1.0700-level but next week could be a week of renewed volatility depending on the result of the first round of elections on Sunday.”
“We initially estimated around a 1.0% risk premium was possibly priced into EUR now and based on short-term price action against variables like spreads, this remains a reasonable estimate.”
“With the Euro (EUR) risk premium relatively modest strong RN & NPF performances will likely see EUR/USD close to the 1.0500-level.”
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AUD/USD jumps higher to 0.6670 as US Inflation cools down expectedly
399113 June 28, 2024 21:33 FXStreet Market News
- AUD/USD recovers daily losses and jumps to 0.6670 as US core PCE Inflation declines in May.
- Soft US inflation figures would boost Fed rate-cut hopes.
- The RBA is expected to deliver more rate hikes this year.
The AUD/USD pair revives intraday losses and surges to near 0.6670 in FridayÂ’s New York session after the United States (US) Bureau of Economic Analysis (BEA) published a soft Personal Consumption Expenditure Price Index (PCE) report for May. The report showed that core inflation data grew at a slower pace of 0.1% from the prior release of 0.2%, as expected, on month-on-month. Also, the annual core PCE inflation decelerated expectedly to 2.6% from 2.8% in April.
An expected decline in the US inflation data is expected to spurt expectations for early rate cuts by the Federal Reserve (Fed). The scenario is unfavorable for the US Dollar. The US Dollar Index (DXY) has turned negative and has dropped to 105.80.
The CME FedWatch tool shows that the central bank sees the September meeting as the earliest point for pivoting to policy-normalization. As per the tool, the Fed is expected to deliver two rate cuts this year. Contrary to market expectations, Fed officials forecasted only one rate cut this year.
After the US inflation data release, San Francisco Fed Bank President Mary Daly told in an interview with CNBC that the soft PCE data is good news but we need more good data to gain confidence that inflation will decline to 2%.
On the Aussie front, expectations of more rate hikes by the Reserve Bank of Australia (RBA) have strengthened the Australian Dollar. Market speculation for RBA rate hikes grew further after monthly Consumer Price Index (CPI) data turned out hotter-than-expected on year-on-year. The inflation data rose at a faster pace of 4.0% than expectations of 3.8% and the prior release of 3.6%.
Economic Indicator
Core Personal Consumption Expenditures – Price Index (YoY)
The Core Personal Consumption Expenditures (PCE), released by the US Bureau of Economic Analysis on a monthly basis, measures the changes in the prices of goods and services purchased by consumers in the United States (US). The PCE Price Index is also the Federal ReserveÂ’s (Fed) preferred gauge of inflation. The YoY reading compares the prices of goods in the reference month to the same month a year earlier. The core reading excludes the so-called more volatile food and energy components to give a more accurate measurement of price pressures.” Generally, a high reading is bullish for the US Dollar (USD), while a low reading is bearish.
If Trump wins here are seven concrete trade ideas from Jim Cramer
399112 June 28, 2024 21:31 Forexlive Latest News Market News
The odds of a Trump Presidency skyrocketed yesterday after a poor performance in the debate from Joe Biden.
CNBC’s Jim Cramer showed up with the right attitude today, looking for concrete winners and losers if Trump takes power in November, particularly if there is a Republican sweep of the House and Senate. Cramer said he wasn’t ready to make any trades himself but wanted to offer up some ideas for those who think that’s what will happen.
I thought they were useful:
- Short Nike and Starbucks on the potential for a real trade war with China, particularly if Navarro is named Secretary of State
- The merger of Kroger and Albertsons (ACI up modestly premarket) won’t be blocked. Shares of Albertsons are trading at $19.74 now compared to the $34.10/share takeover price.
- AMZN. The efforts to break up Amazon will be dropped
- AAPL. Apple will no longer be in the FTC crosshairs.
- More media mergers. I’m not exactly sure what the trade would be on that but I’d imagine but acquirers and targets could do well, maybe Sinclair?
- JNJ. He made the case around rules that hurt Johnson & Johnson related to the Purdue opiate lawsuit.
- New Fortress Energy and LNG. He doesn’t seem to be the only one on NFE, which is up nearly 6% premarket. The US put a temporary pause on LNG approvals and Trump unequivocally said he would reverse that. He also highlighted that ‘unfettered’ oil production would have some other opportunities (oilfield services?)
Finally, he expressed some strong concern that the soft landing could be hurt if Jerome Powell is replaced.
“I’m not a political guy but I think Jay Powell is amazing,” Cramer said. “He’s done a remarkable job and it would be horrible if he were removed.”
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EUR/USD aims to hold 1.0700 on expected decline in US core PCE Inflation reading
399110 June 28, 2024 21:29 FXStreet Market News
- EUR/USD edges higher near 1.0700 ahead of US core PCE Inflation data for May.
- The US Dollar drops on firm Fed rate-cut prospects.
- The near-term outlook of the Euro is uncertain ahead of French elections and the Eurozone preliminary HICP.
EUR/USD rises to 1.0720 in Friday’s American session after the United States (US) core Personal Consumption Expenditure price index (PCE) data showed that price pressures declined expectedly in May. On a monthly and an annual basis, the US core PCE report grew at a slower pace of 0.1% and 2.6%, respectively. The expected decline in the underlying inflation data will positively influence market speculation on the Federal Reserve (Fed) reducing interest rates from the September meeting, according to the CME FedWatch tool, which also shows that there will be two rate cuts this year. Contrary to market expectations, Fed officials see only one rate cut this year as signaled in the latest dot plot.
On Thursday, Atlanta Fed Bank President Raphael Bostic said rate cuts would become appropriate when they are convinced that inflation is on a clear path towards 2%. When asked about a concrete timeframe for rate cuts, Bostic said “I continue to believe conditions will likely call for a cut in the federal funds rate in the fourth quarter of this year,” Reuters reported.
The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, falls to 105.80. 10-year US Treasury yields decline to 4.27%. Going forward, the major trigger for the US Dollar (USD) will be the US ISM Manufacturing Purchasing Managers’ Index (PMI) data for June, which will be published on Monday. The data will indicate the current health of the manufacturing sector.
Daily digest market movers: EUR/USD appears to be on its toes ahead of key Eurozone events
- EUR/USD holds ground near 1.0700 as the US Dollar corrects. The Euro’s outlook appears to be uncertain ahead of the French elections outcome and the Eurozone preliminary Harmonized Index of Consumer Prices (HICP) data for June, which will be published on Tuesday.
- Investors worry that new government formation in France could boost spending plans, which could result in a deepening budget crisis. The uncertainty over French elections deepened after French President Emmanuel Macron called for a snap election when his party suffered defeat in the European elections to Marine Le PenÂ’s far-right National Rally (RN). However, the victory of the National Rally is not inevitable due to the formation of the French left, also known as the Popular Front.
- Investors will pay close attention to the Eurozone preliminary HICP data as it will provide clues about European Central BankÂ’s (ECB) subsequent rate cuts. The ECB began its rate-cut cycle from early JuneÂ’s policy meeting in which it reduced its key rates by 25 basis points (bps).
- Meanwhile, the broader decline in price pressures in major nations of the Eurozone has boosted expectations of more rate cuts by the ECB. In France, the preliminary annual Consumer Price Index (CPI) declined expectedly to 2.5% from the prior release of 2.6%. Annual HICP in Spain decelerated to 3.5% from the former reading of 3.8% but remained higher than expectations of 3.4%, while price pressures in Italy were mixed.
Technical Analysis: EUR/USD holds key support of 1.0700
EUR/USD trades inside ThursdayÂ’s trading range as investors await the US core PCE inflation reading to make decisive positions. The downward-sloping border of the Symmetrical Triangle pattern formation on a daily time frame continues to remain a major barrier for the Euro bulls. A fresh downside would appear if the asset delivers a decisive breakdown of the above-mentioned chart pattern.
The shared currency pair establishes below the 200-day Exponential Moving Average (EMA) near 1.0780, suggesting that the overall trend is bearish.
The 14-period Relative Strength Index (RSI) hovers near 40.00. A bearish momentum would trigger if the oscillator slips below the same.
Economic Indicator
Core Personal Consumption Expenditures – Price Index (YoY)
The Core Personal Consumption Expenditures (PCE), released by the US Bureau of Economic Analysis on a monthly basis, measures the changes in the prices of goods and services purchased by consumers in the United States (US). The PCE Price Index is also the Federal ReserveÂ’s (Fed) preferred gauge of inflation. The YoY reading compares the prices of goods in the reference month to the same month a year earlier. The core reading excludes the so-called more volatile food and energy components to give a more accurate measurement of price pressures.” Generally, a high reading is bullish for the US Dollar (USD), while a low reading is bearish.
Live Coverage: Core PCE shows inflation continues falling, cheering markets
399109 June 28, 2024 21:26 FXStreet Market News
Core PCE came out at 0.1% MoM and 2.6% YoY, as expected. Inflation is falling.Â
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Why Core PCE shakes markets
The core Personal Consumption Expenditures Price Index (core PCE) is the preferred gauge of inflation for the Federal Reserve (Fed) – the world’s most powerful central bank. It excludes volatile energy and food prices, which are set on global markets and have a limited impact by interest rates.Â
After rising by only 0.2% in April, a smaller increase of 0.1% in May is expected. That yearly figure is set to rise by only 2.6%, also down from 2.8%, and closer to the Fed’s target of 2% YoY.
In case of aoft data, stocks and Gold would benefit, while the US Dollar would fall. A surprising increase in inflation would weigh on the precious metal and equities, while buoying the Greenback.
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