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In the last week, on January 27, spot gold closed with an increase of about 0.1%. US Q4 Prev, Numbers of Looks.
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Weekly jobless claims, pending home sales, and preliminary S&P Global US Manufacturing & Services PMI.
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With data for January coming in better than forecast, the prospect of a soft landing for the US economy has risen.
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The advance estimate of US Q4 GDP showed that the US economy expanded at an annualized 2.90% against the forecast of 2.60%.
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US dollar shares claim to be recovering lost ground at the conclusion of a split of dovish MOMC stakes on February 1 ahead of the upcoming FOMC meeting's decision.
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While the Fed going for 0.25% hike in fed funds rate by the Federal Reserve is a foregone conclusion, the US Fed is expected to be accommodative in its stance.
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Because despite aggressive rate hikes, financial conditions have eased significantly over the past few months, which has made it blunt.
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Decent GDP data will make the US Central Bank more comfortable in taking an aggressive stance. And the broader market could be a bit weak.
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Because US crude inventories continue to rise, while China's physical demand for industrial metals has yet to meet expectations.