1. Gold retreats further from a multi-month top and is pressured by a modest USD uptick. 2. Wednesday’s upbeat US Retail Sales cast doubt on a less hawkish Fed and lifts the buck. 3. Depressed US bond yields and the risk-off mood could offer some support to the metal. Gold extends the previous day's retracement slide from its highest level since mid-August and...
S&P 500 Starts The Week On A Strong Note S&P 500 is trying to settle above the 4000 level as demand for stocks remains healthy despite stronger dollar and rising Treasury yields. The tech-heavy NASDAQ Composite moved above the 11,300 level. Consumer Inflation Expectations increased from 5.4% in September to 5.9% in October, compared to analyst forecast of 5.3%....
Daily Pivots: (S1) 1.3206; (P) 1.3283; (R1) 1.3331; More…. Intraday bias in USD/CAD stays on the downside as fall form 1.3976 is in progress. Strong support should be seen from 1.3207 cluster support (61.8% retracement of 1.2726 to 1.3976 at 1.3204) to bring rebound.
Australia's ties to China and the 'hard' commodities it produces have fostered a historical relationship between the local currency and precious metals. The value of the Canadian Dollar is strongly correlated with the price of crude oil as the country remains a dominant exporter of the commodity. Both currencies are therefore sensitive to broader commodity price trends.