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Global markets traded cautiously on Thursday as investors positioned themselves ahead of the highly anticipated US CPI inflation report, which is expected to provide fresh clues on the Federal Reserve’s next policy steps. The US Dollar Index remained below the 99.00 level, while risk assets and commodities moved within narrow ranges amid thin volumes and mixed sentiment. Gold and silver edged lower as traders preferred to stay on the sidelines, while the Australian and New Zealand Dollars drifted as participants awaited direction from inflation data and ongoing US–China trade talks.
Gold is trading slightly lower near $4,230, pressured by a modest recovery in the US Dollar ahead of the CPI inflation release. Investors are refraining from large bets as they await confirmation on whether inflation will steer the Fed toward earlier rate cuts.
Geopolitical Risks: Geopolitical tensions remain subdued, reducing immediate demand for defensive assets.
US Economic Data: CPI data later today will be the major driver, with traders expecting a slight cooling in inflation.
FOMC Outcome: A dovish signal from upcoming Fed meetings could reinforce gold’s upside.
Trade Policy: Market optimism around a potential US–China understanding has kept volatility in check.
Monetary Policy: Expectations of rate cuts continue to support gold’s broader bullish tone.
Trend: Consolidating after testing record highs earlier this week.
Resistance: $4,280
Support: $4,180
Forecast: Neutral to mildly bullish; CPI data will dictate short-term direction.
Market Sentiment: Investors are cautious but lean slightly bullish on expectations of easing inflation.
Catalysts: The CPI print will be the key near-term trigger for volatility.
Silver trades near $48.40, slipping as traders reduced exposure ahead of the CPI data and amid optimism for a potential US–China trade breakthrough.
Geopolitical Risks: Reduced geopolitical friction has lessened the appeal of metals as defensive assets.
US Economic Data: Inflation data could shape near-term sentiment; softer numbers may boost demand.
Trade Policy: Prospects of improved trade relations weigh on safe-demand metals.
Trend: Slightly bearish in the near term.
Forecast: Mild downside bias unless inflation data disappoints.
Market Sentiment: Cautiously neutral as traders await US data.
Catalysts: CPI outcome and follow-through on trade progress.
The US Dollar Index hovers just below 99.00, reflecting uncertainty ahead of the CPI report. Traders are balancing between cautious optimism on inflation easing and the Fed’s recent dovish tone.
Geopolitical Risks: Stabilized global conditions have muted safe flows into the Dollar.
US Economic Data: CPI inflation data will be the dominant factor shaping direction.
FOMC Outcome: Markets expect a more accommodative stance if inflation softens.
Trend: Consolidation phase after a recent pullback.
Resistance: 99.40
Support: 98.60
Market Sentiment: Traders remain cautious and data-dependent.
Catalysts: US CPI release and Powell’s post-data remarks.
NZD/USD is trading near 0.5750, steady as investors await both the US CPI data and potential progress in US–China trade talks. The pair has recovered from recent lows but remains sensitive to risk sentiment.
Geopolitical Risks: Calmer trade relations support mild Kiwi resilience.
US Economic Data: CPI data will influence USD direction and Kiwi volatility.
FOMC Outcome: A dovish tone could give the pair upward momentum.
Trend: Sideways consolidation.
Resistance: 0.5780
Support: 0.5710
Forecast: Slightly bullish if US inflation cools.
Market Sentiment: Neutral with cautious optimism.
Catalysts: CPI report and any updates from US–China discussions.
AUD/USD trades just below 0.6480, pressured by renewed USD strength ahead of inflation data but supported by steady Chinese PMI readings. Traders remain hesitant before key US macro releases.
Geopolitical Risks: Calmer global conditions keep risk appetite steady.
US Economic Data: CPI report will be pivotal for near-term price action.
FOMC Outcome: Any dovish cues could lift the Aussie.
Trade Policy: Australia’s trade link to China remains a key stabilizing factor.
Trend: Mild downtrend.
Resistance: 0.6510
Support: 0.6440
Forecast: Slightly bearish before CPI, turning bullish if data weakens USD.
Market Sentiment: Mixed as traders await direction.
Catalysts: US CPI results and China’s economic data updates.
Market sentiment remains tethered to inflation expectations, with traders bracing for potential volatility once CPI figures are released. A stronger-than-expected print could bolster the US Dollar and dampen risk appetite, while a softer reading might reignite rate cut bets and lift major currencies and precious metals. Until then, markets are likely to maintain a cautious tone, with limited conviction ahead of the key data release.
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