Thanks to the positive risk tone across financial markets, the US dollar has struggled to hold onto its gains made in response to mostly positive data showing a resilient economy. Yet, it hasn’t sold off either, with many traders expecting the FOMC and its Chairman Jerome Powell to push back against early rate cut bets next week. For this exact reason, gold has been unable to find any lasting support, with traders happy to take quick profits in either direction, even if the long-term bullish trend remains intact. Today’s core PCE index was a touch weaker, but it was kind of expected after the GDP deflator came in ... (full story)
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2024-01-26 18:46:00Z
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