MNI: GERMANY NOV UE RATE (SA) 6.1% (FCST 6.1%); OCT 6.1%

MNI BRIEF: China Extends U.S. Import Tariff Exemption List

MNI: GERMANY OCT RETAIL SALES -1.5% M/M

MNI BRIEF: Trump Tariffs To Push China, EU Cooperation - BOC

MNI: PBOC Net Drains CNY156.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1877 Fri; -1.39% Y/Y

MNI: ECB 1-YEAR CONSUMER INFLATION EXPECTATIONS 2.5%

MNI: SWISS Q3 GDP +0.4% Q/Q, +2% Y/Y

MNI: SWISS KOF NOV ECONOMIC BAROMETER 101.8

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Headed For Pre-FOMC Range As Dollar, Nominal Tsy Yields Surge

GOLD

Gold sits ~$5/oz lower, printing $1,872/oz at typing. The move lower extends Thursday’s losses and sees the precious metal give up virtually all post-FOMC gains, with the weakness facilitated by an uptick in nominal U.S. Tsy yields and the USD (DXY) during the session.

  • To recap, gold closed ~$11/oz lower on Thursday as U.S. real yields and the USD (DXY) broadly surged to/above pre-FOMC levels, facilitating a sharp decline in the NY session after hitting one-week highs at $1,909.8/oz.
  • Zooming out, the yellow metal trades in a range just above 11-week lows made earlier this week, with the geopolitical risk premium re: the Russia-Ukraine conflict almost entirely countered by evident worry re: rising rates and Dollar strength.
  • Looking ahead, U.S. labour data (NFPs, AHE, Hours Worked etc.) crosses later on Friday at 1230 GMT. A note that this comes after the ADP employment data miss and ISM Services employment sub-component decline earlier in the week, while also keeping in mind debate re: the long-term correlation between ADP and NFP data.
  • From a technical perspective, resistance for bullion is situated around $1,913.9.oz (20-Day EMA), while support is eyed at $1,850.5/oz (May 3 low).
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.