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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Market Analysis]: Gold hits a record high, and the focus turns to PMI data." Hope it will be www.xm-bx.comful to you! The original content is as follows:
On September 23, gold continued to rise in early Tuesday, and hit an all-time high of more than $1.50 after rising more than 3,750% on Monday. The economic calendar will release initial data on September Manufacturing and Services Purchasing Managers Index (PMI) for Germany, the euro zone, the United Kingdom and the United States on Tuesday. Later in the U.S. session, Federal Reserve Chairman Jerome Powell will speak on the economic outlook at the Greater Providence Chamber of www.xm-bx.commerce's 2025 Economic Outlook Lunch.
The US dollar index fell more than 0.3% on Monday, erasing a small portion of the gains in the second half of the previous week. In the absence of high-level data releases, mixed www.xm-bx.comments from Fed officials have made it difficult for the dollar to maintain its flexibility relative to its www.xm-bx.competitors. Additionally, Wall Street’s bullish opening puts an additional burden on the currency’s shoulders. Earlier Tuesday, the U.S. dollar index consolidated sideways below 97.50, while U.S. stock index futures remained flat. The S&P Global Integrated Purchasing Managers Index is expected to continue to expand at a healthy pace in early September.
Euro/USD rose about 0.5% on Monday, and entered the consolidation stage around 1.1800 in the early trading on Tuesday. ECB policymaker Piero Cipollone will attend a fireside talk at the Bloomberg Financial Future Conference in Frankfurt, Germany.
The GBP/USD ended its three-day straight decline on Monday, stabilizing above 1.3500 earlier on Tuesday.
The US dollar/yen fluctuated narrowly below 148.00 during the European session after a slight decline on Monday.
U.S./Canadian Tuesday stopStable, trading at a weekly high above 1.3830. Bank of Canada (BoC) Governor Tiff Macklem will speak later in the U.S. time slot.
Australia data earlier on Tuesday showed that the initial value of the S&P Global Manufacturing Purchasing Managers Index and the Services Purchasing Managers Index fell to 51.6 and 52 respectively in September. The AUD/USD is still facing moderate bearish pressure, trading below 0.6600.
Selling pressure around the US dollar has risen again, and the news that Russian troops control Kalinivsk settlements in Dnepropetrovsk region of Ukraine has led to escalation of geopolitical tensions, allowing gold/USD to continue its uptrend. As of press time, gold was trading at about $3,755.
Euro: Euro/USD rebounded from 1.1724 and continued to rise, but the upward momentum is not convincing. The intraday deviation first turns neutral. On the downside, breaking through 1.1724 will resume the decline from 1.1917 to 55-day moving average (currently 1.1663). Considering the bearish divergence of DEMA, a continuous breakthrough of 55DEMA will prove that 1.1917 is already the mid-term top. Next, you should see a deeper decline, reaching the 1.1390 support level. However, a continuous breakthrough of 1.1917 will return to a larger upward trend to the 1.2 psychological level.
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