The US Dollar Outperforms Peers; DXY Index Records 4th Consecutive Weekly Gain
In the recent week, the US Dollar showcased superior performance against its major counterparts, with the DXY Dollar Index displaying an increase of more than 0.8 percent. Impressively, the DXY has now concluded its fourth consecutive week with gains, a feat last achieved in February. Should a fifth surge follow, it would mark the lengthiest winning streak since May 2022.
While headline US inflation experienced a slight uptick in July, it remained marginally below projections. Simultaneously, the Federal Reserve's optimistic growth projections for the immediate quarter, along with policymakers' statements, prompted financial markets to persist in elevating their expectations for long-term interest rates. Consequently, the 10-year Treasury yield reached its highest point since October.
Meanwhile, WTI crude oil prices eked out a modest 0.5% increase, marking the longest unbroken winning streak for the commodity in 7 weeks, a record not seen since January 2022. On the other hand, rising Treasury yields and the strengthened US Dollar exerted pressure on gold prices, leading to XAU/USD closing at its lowest level since March.
GOLD
BUY 1909- 1911💯💯
✅ TP1: 1916
✅ TP2: 1921
🛑 SL: 1905
In the recent week, the US Dollar showcased superior performance against its major counterparts, with the DXY Dollar Index displaying an increase of more than 0.8 percent. Impressively, the DXY has now concluded its fourth consecutive week with gains, a feat last achieved in February. Should a fifth surge follow, it would mark the lengthiest winning streak since May 2022.
While headline US inflation experienced a slight uptick in July, it remained marginally below projections. Simultaneously, the Federal Reserve's optimistic growth projections for the immediate quarter, along with policymakers' statements, prompted financial markets to persist in elevating their expectations for long-term interest rates. Consequently, the 10-year Treasury yield reached its highest point since October.
Meanwhile, WTI crude oil prices eked out a modest 0.5% increase, marking the longest unbroken winning streak for the commodity in 7 weeks, a record not seen since January 2022. On the other hand, rising Treasury yields and the strengthened US Dollar exerted pressure on gold prices, leading to XAU/USD closing at its lowest level since March.
GOLD
BUY 1909- 1911💯💯 ✅ TP1: 1916
✅ TP2: 1921
🛑 SL: 1905
