Another all-time high has juts been reached by the famous crypto asset. What next? $100,000?
Gold surges in early Asia trade
On Monday, gold soared in early Asia, as market participants see a week of political risk events, including the UK’s move to formally start its break from the EU.
Prime Minister Theresa May is going to set out how her government intends to restore sovereignty over the UK’s laws on Thursday, releasing a detailed paper on ending the supremacy of European lawmakers.
In New York, April delivery gold futures added 0.73%, trading at $1,252.90.
In the week ahead, market participants will be continuing to watch political developments in America because Trump’s promised tax reforms attract attention. Expectations that the Trump administration would stimulate growth and inflation via fiscal stimulus pushed the greenback to 14-year peaks in the weeks after the election.
However, the US dollar has dropped in recent week as it turned apparent that the White House would face difficulty in delivering on its legislative agenda.
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.