Gold/US Dollar (XAU/USD) Strong Buy: Focus Currency and Technical Analysis (1-Hour Chart) October 15, 2024
Euro/US Dollar (EUR/USD) Sell
The EUR/USD pair continues its downward momentum from the previous day, testing the 1.0890 level. Investors are focusing on the European Central Bank (ECB) meeting on Thursday, where a 25 basis point rate cut is anticipated, potentially putting pressure on the euro. Additionally, Eurozone inflation data for September is expected to be released, drawing significant market attention.
British Pound/US Dollar (GBP/USD) Strong Buy
The GBP/USD pair is slightly down around 1.3040. Recent UK labor market data showed a higher-than-expected increase in jobseekers in September, with average wage growth slowing, although the unemployment rate fell from 4.1% to 4.0%. The US dollar remains supported by inflation indicators that exceeded forecasts.
Australian Dollar/US Dollar (AUD/USD) Strong Sell
The AUD/USD pair continues its gradual decline, testing the 0.6710 level. Concerns over Chinese economic growth are heightened following weaker-than-expected Chinese import and export data. Australia is scheduled to release its labor market data for September on Thursday, with expectations of slowing job growth.
US Dollar/Japanese Yen (USD/JPY) Strong Sell
The USD/JPY pair is showing mixed movements around 149.60. Japan’s August industrial production fell by 4.9% year-on-year, and capacity utilization also declined. Today, the New York Fed’s Manufacturing Index is scheduled for release, with expectations of significant deceleration. Attention is also focused on statements from Fed officials.
Gold/US Dollar (XAU/USD) Strong Buy
Gold is stabilizing around 2640.00, near yesterday’s high. Market activity is low, but the strong US dollar is putting some pressure on gold. Expectations for a rapid Fed rate cut have diminished, with an 89.0% probability of a 25 basis point rate cut in November. This week, US retail sales and industrial production data are key points of interest.
