So far to start the week, precious metals remain the standout movers. Gold continues to race to fresh record highs, backed by a strong bucket of fundamental narratives that is building on the technical breakout from last week. The precious metal is up another 0.4% so far today to $3,648 currently. Meanwhile, silver is also riding on that momentum in securing a push above $41 this week - its highest levels since 2011.
Besides that, the start of the week also featured a political ousting in Japan as well with Shigeru Ishiba finally deciding to resign after the disastrous upper house elections back in July. It took him long enough as the writing was already on the wall but it did still hit at markets a fair bit on the announcement. USD/JPY opened up with a gap higher yesterday near 148.00 but has now more than filled that gap by now with the pair back down to 147.30. A win for the gap traders. ??
And that brings us to the countdown to the US CPI report on Thursday. All eyes will be on that to shore up the market odds and pricing we're seeing at the moment. A softer set of numbers could stoke the flames of a 50 bps rate cut call for next week but what happens if we suddenly start to see stronger evidence of tariffs passthrough in the inflation data?
If it is the latter, things will get really dicey with Fed policymakers not having a chance to clearly communicate their intentions. But that just means we have to watch out for "leaks" and some subtle reporting, with policymakers needing to defer to that to do their bidding.
This article was written by Justin Low at investinglive.com.Hence then, the article about a quieter one on the agenda today in european trading was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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