European Open Gold Considers Its Latest Breakout
A weak NFP print resulted in a weaker dollar and stronger gold prices. Now consolidating beneath the July high, it shows the potential for another breakout.
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- US-China trade deal speculation was rife today, with a Chamber of Commerce official saying talks were in the “endgame,” while Chinese media suggested the negotiations were at an impasse. Traders remain skeptical until a Trump-Xi summit is formally announced.
- The BOE voted 0-0-9 in favor of leaving interest rates unchanged, upgrading its growth forecasts and downgrading its inflation forecasts in the process.
- Leading indicators are mixed ahead of tomorrow’s US Non-Farm Payroll report (see our full preview here).
- The US dollar was the strongest major currency on the day, while the loonie was the weakest, keeping USD/CAD’s series of higher lows intact.
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