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Global markets traded cautiously on Thursday as investors weighed the economic implications of the ongoing U.S. government shutdown, now the longest in history. The U.S. Dollar Index struggled to maintain support near the 100.00 mark, while gold and silver prices eased amid a modest rebound in U.S. private payrolls. Meanwhile, traders continued to monitor developments in Asia, with China’s latest yuan fixing and speculation surrounding a possible Bank of Japan policy shift adding to cross-asset volatility.
Gold edged lower below $4,000 after a modest rebound in U.S. private payrolls trimmed some of the immediate safe-haven demand. The metal remains supported by the ongoing U.S. government shutdown and persistent inflation uncertainty, but upside is capped while the Dollar finds intermittent bids.
Geopolitical Risks: The prolonged U.S. shutdown keeps headline risk elevated, sustaining occasional defensive buying in gold.
US Economic Data: A rebound in private payrolls reduced some near-term safe-haven flows, weighing on bullion.
FOMC Outcome: Any Fed comments that push back on rate cuts would raise real yields and pressure gold.
Trade Policy: Easing US–China trade tensions lower extreme hedging flows, limiting gold’s outsized rallies.
Monetary Policy: A still-accommodative global central-bank backdrop supports medium-term demand for precious metals.
Trend: Neutral-to-slightly bullish on the medium term while above $3,950.
Resistance: $4,030 then $4,080.
Support: $3,960 then $3,920.
Forecast: Expect consolidation in the $3,950–$4,030 range; a decisive break above $4,030 would reopen upside toward $4,080.
Market Sentiment: Cautious — traders are hedging with small positions, buying dips into headline risk.
Catalysts: Any US shutdown developments, US CPI/PCE prints, and Fed speakers.
Silver is trading near $49.00 but shows vulnerability below the pivotal $49.35–$49.40 zone as profit-taking follows the recent run. The metal remains sensitive to both defensive flows and industrial demand cues, so its next directional move will depend on risk sentiment and US data.
Geopolitical Risks: Elevated headline risk from the US shutdown provides intermittent support to silver.
US Economic Data: Strong payrolls weaken the safe-haven bid and can pressure silver; weak data would do the opposite.
Trade Policy: Improved US-China trade tone helps industrial demand, a positive for silver’s fundamentals.
Trend: Short-term corrective while below the $49.35–$49.40 resistance band.
Forecast: Expect rangebound action between $47.80–$49.40; a breach above $49.40 would target $50+.
Market Sentiment: Mixed — traders trim positions ahead of major US prints.
Catalysts: US CPI/PPI, US–China headlines, and Treasury yield moves.
The US Dollar Index is holding losses near 100.00 as the U.S. government shutdown becomes the longest on record, producing intermittent dollar weakness amid fiscal uncertainty. While headline risk often supports safe-haven FX flows, the shutdown’s growth implications are creating two-way pressure on the Dollar.
Geopolitical Risks: The ongoing U.S. shutdown elevates fiscal uncertainty and periodically boosts safe-haven demand for USD.
US Economic Data: Mixed domestic data (payrolls rebound vs other soft prints) is causing rangebound Dollar dynamics.
FOMC Outcome: Any pushback from the Fed on rate-cut timing would support the Dollar; dovish tilt would weigh.
Trend: Neutral-to-rangebound around the 99.50–100.50 area.
Resistance: 100.40 then 101.00.
Support: 99.30 then 98.80.
Market Sentiment: Cautious and data-dependent as markets price fiscal and policy uncertainty.
Catalysts: US shutdown headlines, upcoming CPI/PCE releases, and Fed commentary.
USD/CNY is trading around 7.0865–7.09 after the PBOC set a slightly firmer reference (7.0865 vs prior 7.0901), signaling intent to steady the yuan amid global uncertainty. Markets view the PBoC fix and China’s policy signals as efforts to maintain FX stability while growth/ trade measures are adjusted.
Geopolitical Risks: Reduced US-China tensions from tariff easing help ease depreciation pressure on the yuan.
US Economic Data: A firmer US Dollar on stronger data would push USDCNY higher.
FOMC Outcome: A hawkish Fed raises USD funding demand and may pressure onshore rates.
Trend: Sideways with a mild firmer-yuan bias driven by policy guidance.
Resistance: 7.1000 then 7.1150.
Support: 7.0700 then 7.0500.
Forecast: Expect a managed range near current levels; stronger risk appetite and tariff easing could nudge USDCNY lower.
Market Sentiment: Cautiously constructive toward the yuan as policy aims for stability.
Catalysts: PBoC fixes, Nov. 10 tariff changes implementation, and US macro surprises.
USD/JPY is trading with modest upside pressure as the Japanese Yen posts small gains but remains vulnerable amid ongoing BoJ uncertainty; the pair sits near multi-month peaks for USD/JPY. Investors are balancing the prospect of BoJ policy shifts against a resilient Dollar and risk dynamics tied to the US shutdown.
Geopolitical Risks: Regional stability and global risk moves intermittently support the Yen as a defensive asset.
US Economic Data: Strong US prints lift the Dollar and can push USD/JPY higher.
FOMC Outcome: A hawkish Fed would tend to keep USD/JPY elevated via higher US yields.
Trade Policy: Strategic supply deals and trade developments influence JPY flows indirectly through risk channels.
Trend: Rangebound with a mild USD bias while BoJ outcomes remain unclear.
Resistance:154.50 then 155.20.
Support: 153.20 then 152.50.
Forecast: Expect consolidation with occasional spikes; a clear BoJ tightening signal would likely push USD/JPY lower (yen stronger), while continued USD strength keeps upside risk intact.
Market Sentiment: Mixed — traders are hedging around potential BoJ commentary and US data.
Catalysts: BoJ minutes/speeches, Tokyo CPI updates, and US Treasury yield moves.
Markets remain on edge as political gridlock in Washington casts uncertainty over near-term U.S. fiscal stability. Traders will now turn their attention to upcoming U.S. inflation data and speeches from Federal Reserve officials for fresh clues on rate trajectory and market sentiment. With risk appetite fragile and safe-store demand fluctuating, volatility may persist across major currency and commodity pairs heading into the weekend.
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