US has been trading lower for the last few weeks as bets for potential rate cuts in 2024 are increasing, but FED’s Powell on Friday hinted that it may be too soon to look for that direction of lower rates. But they surely can cut if inflation continues down in months ahead as stated by some Fed members. So economic data will be important in weeks and months ahead. We have the US NFP report on Friday with expectations of 175k in November from 150k in October, and the unemployment rate at 3.9%.
Gold prices spiked to new highs, and soared to a new record high of around $2,150 due to increasing geopolitical tensions in the Middle East, influencing global markets and investor sentiment. Stocks are also still in uptrend despite Fed’s Jerome Powell’s cautionary remarks on regarding the 2024 rate cuts. However, despite some volatile moves on metals, dollar is not moving much, we see the corrective phase here on DXY that has room for 104 this week.
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