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The yellow metal has been back under pressure this week amidst a resurgence in the US dollar.
The rally in the dollar comes despite the July FOMC meeting minutes failing to indicate the Fed’s willingness to set a timeframe for raising rates.
At the last meeting, the minutes indicated that some members were in favor of providing a clearer view of when rates might be raised again. However, the minutes this Wednesday provided no follow-through on this.
The fed instead simply reiterated its message of concern over the US economic outlook after COVID-19.
Data this week has not particularly favored the dollar either. The Philly Fed manufacturing index undershot expectations and the weekly unemployment claims number came in higher than expected as well.
Despite poorer data and dovish FOMC minutes, the dollar has managed to reverse losses this week. It is now back up to trading in the green as of writing.
Prices are falling just back below the opening price of the week.
Gold Prices Postin...
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