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Global markets traded with a mixed tone as investors digested softer-than-expected US CPI data and reassessed expectations for Federal Reserve rate cuts. While cooling inflation initially pressured the US Dollar, follow-through proved limited, prompting profit-taking across precious metals, with gold and silver retreating from recent highs. In the FX space, the Australian Dollar softened alongside a steadier greenback, while the New Zealand Dollar posted modest gains on the back of the weaker inflation print. Meanwhile, GBP/USD remained range-bound below 1.3400 as traders weighed the Bank of England’s policy stance against evolving US rate expectations.
Gold has edged lower after failing to extend gains despite softer US CPI inflation, as traders engaged in profit-taking following the recent rally. The metal remains sensitive to shifting expectations around the timing and pace of Federal Reserve rate cuts.
Geopolitical Risks: Ongoing geopolitical uncertainty continues to offer underlying safe-haven support, though it was insufficient to prevent today’s pullback.
US Economic Data: Cooling CPI initially supported gold, but the reaction faded as markets reassessed the inflation outlook.
FOMC Outcome: Expectations for future Fed easing remain intact, limiting deeper downside.
Trade Policy: No immediate trade-related developments are influencing price action.
Monetary Policy: A gradual Fed easing path keeps longer-term gold fundamentals constructive.
Trend: Bullish but correcting in the near term.
Resistance: $4,320 followed by $4,380.
Support: $4,200, then $4,120.
Forecast: Further consolidation is likely unless fresh USD weakness emerges.
Market Sentiment: Cautiously bullish with increased profit-taking.
Catalysts: Fed commentary and upcoming US macro data.
Silver has pulled back on profit-taking after recent strength, though the broader outlook remains supported by Fed rate-cut expectations. The metal continues to outperform on a relative basis despite short-term volatility.
Geopolitical Risks: Elevated uncertainty keeps silver attractive as a semi-safe-haven asset.
US Economic Data: Softer CPI supports the longer-term bullish case.
Trade Policy: Industrial demand considerations remain stable.
Trend: Bullish with corrective pullbacks.
Forecast: Dips may attract buyers as long as Fed easing expectations persist.
Market Sentiment: Constructive despite short-term correction.
Catalysts: USD direction and risk appetite shifts.
AUD/USD has softened as the US Dollar regained modest traction despite softer CPI data. The pair remains sensitive to global risk sentiment and the relative policy outlook between the Fed and RBA.
Geopolitical Risks: Fragile global risk sentiment weighs on the Aussie.
US Economic Data: CPI-driven USD moves remain the primary influence.
FOMC Outcome: Reduced confidence in aggressive Fed cuts limits AUD upside.
Trend: Bearish to range-bound.
Resistance: 0.6720, then 0.6780.
Support: 0.6620 followed by 0.6550.
Market Sentiment: Defensive toward risk-sensitive currencies.
Catalysts: US data, China releases, and RBA signals.
NZD/USD posted modest gains following softer US CPI inflation, benefiting from mild USD weakness. However, gains remain contained as broader risk appetite stays subdued.
Geopolitical Risks: Risk-off undercurrents limit stronger upside.
US Economic Data: CPI data remains the dominant driver.
FOMC Outcome: Expectations of gradual Fed easing support the pair.
Trend: Stabilizing after recent declines.
Resistance: 0.5850, then 0.5900.
Support: 0.5750 followed by 0.5700.
Forecast: Consolidation favored unless USD weakness accelerates.
Market Sentiment: Neutral with mild recovery bias.
Catalysts: US macro data and global risk sentiment.
GBP/USD remains range-bound below the 1.3400 level as traders digest the Bank of England’s latest policy signals alongside softer US inflation data. The pair lacks a clear directional catalyst.
Geopolitical Risks: Limited direct impact on sterling at present.
FOMC Outcome: Fed easing expectations cap USD strength.
Trend: Sideways consolidation.
Resistance: 1.3420, then 1.3500.
Support: 1.3320 followed by 1.3250.
Forecast: Continued range trading likely ahead of fresh catalysts.
Market Sentiment: Neutral, awaiting clearer policy signals.
Catalysts: UK data releases and Fed communication.
As markets move past the immediate CPI reaction, attention is shifting toward whether softer inflation is sufficient to accelerate the Fed’s easing cycle. Precious metals may remain vulnerable to further consolidation after their recent rallies, while currency markets are likely to stay selective as central bank divergence comes back into focus. With Fed communication, global growth signals, and upcoming data releases still in play, volatility could persist as traders recalibrate positioning into the final stretch of the week.
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