Observing news today one can easily get disappointed. However, things are getting better.
Gold goes down as improved economic surge output spurs risk appetite
On Thursday, the yellow metal headed south in Asia due to the fact that recent economic data indicated an improved economic surge outlook and also put pressure on the safe-haven commodity.
As a matter of fact, on the Comex exchange, June delivery gold futures decreased by about 0.2% concluding the trading session at $1.273.75 an ounce.
This week, the yellow metal has dived over 1%, and it has found itself on track for a fourth straight losing week. By the way, the vast majority of financial markets are going to be unavailable on April 19 due to Good Friday.
Aside from that, the Chinese economy managed to expand more than anticipated in the first quarter of this year. That’s what official data disclosed on Wednesday. Besides this, Chinese retail sales and industrial output also turned out to be better than anticipated.
As for credit and trade data, which showed up on Friday, it beat forecasts too.
In fact, the generally upbeat Chinese data suggests that the fears of a deceleration in global surge have been mitigated to a great extent that should back risk appetite, as some financial analysts pointed out.
Aside from that, the data has also underpinned bond gains, thus making the most common safe-haven alternative to the yellow metal more attractive.
Investors’ immediate focus is going to switch to the publication of Purchasing Managers Indexes for the service and manufacturing sectors in the European bloc later in the day.
Moreover, the currency pair AUD/USD managed to head north by about 0.2% ending up with a reading of 0.7187 after the publication of the data.
The currency USD/JPY lost 0.1% hitting 111.93.
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
The British pound has increased in value over the course of the past week in line with an ongoing improvement in investor sentiment.
Economic activity in service sector in the Euro zone and the UK is on its lowest rates since 2009.
Jerome Powell made a rare appearance in the public media this Thursday. What did he bring to the audience?