Gold is likely to track shifting market expectations around the Fed tightening in the short term, according to strategists at ANZ Bank.USD is likely to weaken in the second half of 2023
“The Gold market remains vulnerable to market expectations around the Fed’s monetary policy. Strong economic data from the US with sticky inflation raise the risk of more rate hikes; this is likely to be a headwind in the short term.”
“Nevertheless, we see limited upside in the USD, which is a tailwind for gold prices. Even with higher terminal rates, the USD is likely to weaken in H2 2023.”
EUR/USD up modestly on Friday, holds onto weekly gains
EUR/USD rose back above 1.0600 in the American session, boosted by risk appetite that weighed on the US Dollar. US stocks are up, heading toward weekly gains. Data from the US showed activity in the Service sector continued to expand at a robust pace in February; ahead of the NFP week, the Employment Index soared unexpectedly.
EUR/USD News
GBP/USD back near 1.2000, remains rangebound
GBP/USD rebounded from 1.1960 late on Friday, amid a weaker US Dollar. Higher equity prices in Wall Street and a modest decline in US yields weighed on the Greenback. The pair keeps moving sideways above the 1.1900 mark.
GBP/USD News
Gold rebounds back to the $1,850 area, consolidates weekly gains
After a brief decline to $1,840 following the ISM Services PMI, Gold rebounded rising back toward the $1,850 area. A weaker Dollar and a modestly retreat in US Treasury yields in the American session, helped the yellow metal. XAU/USD is posting the biggest weekly gain since early January.
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