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Pressured By Stronger US Data As USD & US Tsy Yields Move Higher

GOLD

Gold is +0.3% in the Asia-Pac session, after closing -1.35% at $1946 on Thursday as the US dollar surged on a combination of strong data and a dovish ECB.

  • US data releases included much stronger than expected GDP, lower than projected jobless claims, a pop in durable goods orders, a bounce in pending home sales, and a narrowing in the goods trade deficit.
  • The ECB delivered the well-anticipated 25bps hike that took the deposit rate to 3.75%, a record high for the Euro area. However, forward guidance by the ECB was seen by the market as more dovish than expected. EGBs finished 1-5bp richer with the curve steeper.
  • Treasury yields also climbed strongly with an added tailwind from BoJ YCC speculation ahead of the upcoming decision.
  • Bullion cleared support at the 50-day EMA of $1951.2 with a low of $1942.65, after which lies further support at $1924.5 (Jul 11 low).
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