Stocks especially tech ones dropped on Tuesday on concerns over inflation. Gold is viewed as a hedge against inflation, that’s why it’s trading now near the three-month high.
Another opportunity to trade the GBP
Great Britain will release the level of retail sales at 11:30 MT time on November 15.
Last month the actual level of retail sales came out much lower than the forecast. The GBP/USD pair plunged. The GBP needs strong support in times of uncertainties around the Brexit deal. If the situation with October figures is different, the GBP will be able to strengthen.
• If the actual data is higher than the forecast, the GBP will rise.
• If the actual data is lower than the forecast, the GBP will fall.
Bitcoin has broken above $41,000 for the first time since late May. Follow US Retail Sales at 15:30 MT time!
The United States will release retail sales and producer inflation (PPI index) numbers at 15:30 MT time on June 15.
Gold has plunged amid the stronger US dollar as investors await the Fed’s meeting this week.