Gold Futures Market News and Commentary
The dollar index (DXY00) on Friday fell by -0.08%. The dollar Friday gave up an early advance and fell slightly after T-note yields retreated. The dollar Friday initially moved higher on strength in T-note yields and weakness in the yuan. The yuan fell to a 2-week low against the dollar Friday after Chinese Covid infections surged to a record high and after the PBOC boosted stimulus and cut the reserve requirement ratio for banks.
EUR/USD (^EURUSD) on Friday rose by +0.02%. The euro Friday posted modest gains. EUR/USD Friday had negative carry-over from Thursday's account of the Oct 27 ECB meeting that said, "a few ECB members expressed a preference for increasing the refinancing rate by +50 bp." The division among ECB policymakers shows support for an additional +75 bp rate hike fading and may prompt the ECB to hike rates by only +50 bp at the December policy meeting.
Friday’s Eurozone economic news was mixed for the euro. On the positive side, German Q3 GDP was... Read more