Boston Forex Trading Meetups And Their Role In Profit Strategies – XAUUSD Gold price is moving in an ascending channel and the market has fallen from the higher upper area of ​​the channel.

In a private meeting with US Republican lawmakers, FED Chairman Jerome Powell talks about the possibility of another rate hike. Gold prices increased the previous day after US GDP data came in lower than expected. Due to the FED insured bank deposits, the fear of bankruptcy has decreased in the markets. The FED requested an increase in funding for the Federal Insurance Agency to increase the limits for insured bank deposits.

Boston Forex Trading Meetups And Their Role In Profit Strategies

Boston Forex Trading Meetups And Their Role In Profit Strategies

As markets consider what, if any, US interest rate hikes may occur, gold prices have remained below the psychologically important $2000 per ounce level. When Republican members of Congress asked Fed Chairman Jerome Powell behind closed doors Wednesday about the potential rate hike, Powell reportedly and understandably directed them to the central bank’s forecast for another quarter increase this year. The current uncertainty in the gold market could be due to the markets lack of confidence in this. Gold and other non-yielding investments become much more desirable as interest rates rise. Although price increases have slowed since October, they are still above their levels from a year ago. The market is buoyed by expectations of a pause in rate hikes and the fact that inflation remains well above the 2% target in many developed economies. Worries about the global banking system have boosted demand for reserve assets like gold as lenders scramble to cope with rising interest rates, but the worst of those worries appear to be abating as markets become more confident that a few banking names will not cause problems. another widespread financial disaster. In a week that has been full of important numbers, the gold market may also be looking for data clues. US GDP and inflation numbers will be released by the end of the week, as will the closely watched Purchasing Managers’ Index for the manufacturing sector and the University of Michigan’s respected monthly survey of consumer sentiment. All of these factors could affect future interest rate expectations and, by extension, gold prices. The metal is still in a short- and medium-term uptrend, even at the current high prices.

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USDJPY is moving in an Ascending channel and the market has reached the higher high of the channel.

Shunichi Suzuki, Japan’s finance minister, said that in the event of a wage increase in the market, Bank of Japan Governor Ueda will maintain the tight monetary policy and will soon return to the previous monetary policy options. The Japanese Yen received some bad news as the unemployment rate rose to 2.6% from 2.4% in February. According to Ranil Salgado, head of the IMF’s mission in Japan, there is a greater chance of a long end to a loop under the Bank of Japan’s YCC policy.

After briefly touching a two-week high early on Friday, the US dollar fell against the Japanese yen to a low of 132.90 as investors grew nervous about key upcoming US inflation catalysts. The US Treasury bond yield, as well as the Bank of Japan speech and controversial statistics from Japan, could be adding fuel to the fire of the decline. Tokyo’s consumer price index increased to 3.3% in March from 2.7% in February but slowed from 3.4% in February, while Tokyo’s CPI excluding food and energy rose to 3.4% from 3.2% in previous readings and 3.3% in the opinion of the market. In addition, the growth rate of Industrial Production in Japan jumped to 4.5% MoM in February from 2.7% in the previous month and -5.3% in the month before that, and the growth rate of Retail Trade rose there in Japan to 6.6% from 5.0 the previous month and 5.8% the month before that. On the other hand, the recent decline in the value of the Japanese yen can be traced back to Japan’s unemployment rate unexpectedly rising from 2.4% to 2.6% in February. Afterward, Japan’s Finance Minister Shunichi Suzuki said he expects monetary policy to be strictly enforced by the Bank of Japan and Ueda. The same will boost the independence of Japan’s central bank and is likely to encourage it to emphasize exiting the easy monetary policies, especially in light of the latest wage hike. However, it is worth noting that the Head of the IMF’s Japan Mission Ranil Salgado was optimistic about the end of the expected curve due to the YCC policy of the Bank of Japan.

But on Thursday, Federal Reserve Chairman Jerome Powell joined three other Fed officials in supporting additional rate hikes to tame inflation. Fed officials have been focused on dismissing concerns of a banking crisis, which has weighed on the US dollar and Fed bets, but recent mixed data from the US has called into question the rhetoric their hawkish. However, CME’s FedWatch Tool indicates a nearly 50% chance of a 0.25% rate hike at the May Fed meeting, down from 60% the previous day. It is worth noting that the Federal Reserve (Fed), the European Central Bank, the Bank of England, and the Swiss National Bank have all recently taken steps to calm market concerns about the banking crisis. S&P 500 Futures, which track Wall Street optimism, have risen for three days in a row amid these moves, to a level near 4,095. The yield on the 10-year Treasury bond increased the US two basis points to 3.57%, while the yield on the 2-year bond rose by the same amount over five days to 4.13%. Next, markets will look to the Fed’s favorite inflation measure, the US Personal Consumer Price Index for February, for guidance as they expect lower inflation to reduce the likelihood of hawkish Fed promises there.

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Positive numbers, if reached, will help the CAD against other currency pairs. Today Canada’s GDP report is scheduled. The fact that Russia and OPEC+ entered negotiations but kept their production policies the same is another good development for oil prices.

In early trading on Friday, the USDCAD recovered some of the previous day’s losses and was trading near 1.3520, its highest level in over a month. With the market close ahead of the release of key inflation data from the US and Canadian Monthly Gross Domestic Product data for January, the Loonie pair will look to the lack of movement in the Dollar and Oil for guidance. After reviving a 13-day rally earlier in the day, WTI crude oil is now modestly offered around $74.30. However, official PMI prints are optimistic in March from China and talk about any movement in OPEC + production policies both for oil buyers. The US Dollar Index, meanwhile, is trading near 102.25 after updating its weekly high of 102.05 earlier in the day. By measuring the strength or weakness of the dollar against a basket of six major currencies, DXY buyers can get a sense of the general market sentiment before important data is released.

It is worth noting that the USDCAD pair’s recent correction star is likely fueled by Fed officials’ hawkish rhetoric and strong US inflation expectations. Jerome Powell, president of the Federal Reserve System, has joined Susan Collins, president of the Federal Reserve Bank of Boston, Neel Kashkari, and Thomas Barkin, president of the Federal Reserve Bank of Richmond, in calling another rate hike to stop it. inflation. The US dollar and Fed bets have taken a hit due to the Fed’s hawkish rhetoric and denial of the problems of the banking crisis, but recent mixed data from the US has called this into question. Traders expect a 47% probability of a 0.25% rate hike at the Federal Open Market Committee’s monetary policy meeting in May, down from 60% the previous day according to the CME’s FedWatch Tool. S&P 500 Futures, which track Wall Street optimism, hit a new three-week high amid those moves. However, during a five-day rally, yields on 10-year US Treasury bonds rose two basis points to 3.57%, while those on 2-year bonds edged higher to 4.13%. While the core Personal Consumption Expenditure Price Index prints for February will be key for clear guidance, the USDCAD can defend the recent corrective bounce ahead of key US inflation indicators and Canadian GDP.

Boston Forex Trading Meetups And Their Role In Profit Strategies

USDCHF is moving in a Box pattern and the market has rebounded from the horizontal support area of ​​the pattern.

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Swiss retail sales data is due to be released for February, and is expected to increase 1.9% from the previous month’s contraction of 2.2%. This retail sales data will increase the inflation estimates of the Swiss zone. The SNB will then add more rate hikes to the table to combat the inflationary figures.

During the Asian session, the USDCHF pair has been stuck near 0.9140. After falling below 0.9120, the Swiss Franc is likely to hit a new low for the first time in two weeks. After a brief pullback near 102.25, the US Dollar Index has declined, which is prompting people to bet more on the major move.

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