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Hello everyone, today XM Forex will bring you "[XM Forex Market Review]: Gold hits a record high, and the focus turns to US data." Hope it will be helpful to you! The original content is as follows:
On September 2, gold continued its upward trend for the sixth consecutive trading day and hit an all-time high above $3,500. During the European period, preliminary data on the August Consumer Price Coordinated Index (HICP), the European Central Bank's preferred inflation indicator, will be closely watched. Later that day, the U.S. Economic Calendar will release the August ISM Manufacturing Purchasing Managers Index (PMI) report.
The dollar faces bearish pressure on the opening this week, although U.S. financial markets are closed due to Labor Day holidays. Growing concerns about the independence of the Federal Reserve, as well as uncertainty surrounding the U.S. trade system, made it difficult for the dollar to find demand on Monday. The dollar index fell slightly, hitting its lowest level in a month around 97.50 before pulling back higher earlier on Tuesday. As of press time, the US dollar index rose slightly to 97.80 that day.
As geopolitical tensions continue to escalate, gold uses safe-haven funds to flow. Ukraine responded by attacking Russian oil refineries after Russia launched an attack on 14 Ukraine areas over the weekend. Meanwhile, Russia's Russian News Agency reported earlier on Tuesday that Russian President Putin said they were ready to support a strategic partnership with China and strengthen high-level contacts with Beijing.
Euro/USD is still in the consolidation stage around 1.1700 after a slight increase on Monday. On an annual basis, core HICP is expected to grow by 2.2% in August after a 2.3% increase in July.
After a slight decline last week, the GBP/USD rose slightly, up 0.3% on Monday. The currency pair TuesdayIn the early trading session, it fell in the early trading session of Europe, but easily held above 1.3500.
BoJ Deputy Governor Izuno said on Tuesday that Japan's real interest rates remain low, adding that it would be appropriate to continue hikes if the economic outlook is met. Despite these remarks, the USD/JPY still accumulates bullish momentum and traded around 148.00 in early European trading, up more than 0.5% on the day.
Australia/USD continued to rise, rising for the fifth consecutive trading day on Monday. The pair fell slightly in early European trading, trading below 0.6550.
Gold hit an all-time high of $3,508 in Asian trading session, and then fell below $3,500 in early European session.
Euro: Euro/USD falls before the 1.1741 resistance level, and intraday bias remains neutral for the time being. The overall outlook remains unchanged, with a correction decline from 1.1829 that should have been www.barborka.infopleted, with three waves falling to 1.1390. On the upside, above 1.1741 will first retest the 1.1829 high. A firm breakthrough to this point will resume a larger upward trend. However, a continued breakthrough of 1.1573 will weaken this view and indicate that the correction pattern from 1.1829 is extending and another stretch to 1.1390.
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