About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
The Most Important News For Today
We’d like to wish you a lucky day on the markets. Let’s take a peek at the most critical events.
Swiss National Bank raised the rate by 50 basis points to 1.5%. The Central Bank does not rule out further rate hikes. As a result, USDCHF dived to 0.9120 and then recovered. Pay attention to this pair, guys. USDCHF may rise soon.
Bank of England (so-called ‘Old lady’) hiked the rate by 25 basis points to 4.25%. Volatility in GBPUSD rapidly increased. The long-term trend is still bullish, but the resistance of 1.2450 is close.
US Building Permits was published better than the forecast (+1.550M VS 1.524M in the forecast). So, the previous preliminary fact was corrected. Do you know that building permits statistics lead housing starts by 1 to three months?
US new home sales for February were worse than expected – 640K VS 650K (the forecast). It means that existing home sales may fall too.
UK Retail sales were released today. The index increased by 1.2% MoM. Core retail sales that exclude Auto sales and Fuel and thus reflect the situation with the consumption better rose by 1.5%: the more consumption, the better the national GDP.
15:30 GMT+3 will be pretty volatile, dears. Retail sales in Canada and Durable goods orders in the US are published. All eyes are on USDCAD.
BTCUSD and XAUUSD
BTCUSD moves down. Maybe it will try to close the gap. In this case, the price should return to $27400. Be careful with long positions.
XAUUSD is correcting too. The nearest support level is 1975 (38.2% Fibo level).
Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!
The US dollar index breaks one resistance after another. Read the report to learn the next target for the US dollar index!
Saudi Arabia agreed to cut oil production. What will happen with the oil price now?
The situation on the labor market still looks optimistic. Today we expect the Unemployment rate data. 3.5% is expected.
The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.