Gold Correction Downwards

#market_pulse #currencies

😎 Hello everyone! Here’s your essential market update for today:


📊Dollar Languishes Near 8-Week Low Ahead of Payrolls Test


▫️ Euro (EUR): The euro held steady at $1.0894 after a gain of 0.2% following the ECB's decision to cut rates. ECB President Lagarde offered few hints on future easing, citing lingering inflation concerns.

▫️ U.S. Dollar (USD): The dollar index hovered at 104.09, near its eight-week low. Investors are eyeing the upcoming U.S. jobs report for clues on potential Federal Reserve rate cuts, with markets pricing in 50 basis points of cuts by year-end.

▫️ Pound Sterling (GBP): The pound was flat at $1.2790, close to the week's high of $1.2828, the strongest level since mid-March.

▫️ Japanese Yen (JPY): The yen remained steady at 155.60 per dollar, on track for a 1% weekly gain. The BOJ is expected to discuss reducing its monthly bond purchases next week.

▫️ Swiss Franc (CHF): The dollar dropped 0.2% against the Swiss franc, trading at 0.8938 francs, amid steady Swiss inflation data.

▫️ Canadian Dollar (CAD): The CAD traded at C$1.3679 per USD, showing slight firmness after the Bank of Canada's rate cut decision.


⌛ Key Events to Watch:

U.S. non-farm payrolls report
ECB's future rate cut indications
BOJ's upcoming monetary policy meeting and potential bond purchase adjustments


🔥 Stay tuned for more updates and happy trading!

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