Despite a market environment that is cautious and risk-averse, the retracement of the US Dollar is gaining momentum. Traders are choosing to secure their profits on their long USD positions in anticipation of China's inflation data release and the upcoming G20 leaders summit on Saturday. Furthermore, starting from Saturday, the US Federal Reserve (Fed) will enter its ‘blackout period,’ prompting market participants to readjust their positions before next week's highly significant United States Consumer Price Index (CPI) data is released.
In addition to concerns about China's economic slowdown, rising oil prices and the Fed's view of maintaining higher interest rates for an extended period are also contributing to an overall sense of risk aversion in markets. Investors are also closely monitoring the renewed weakness in the Chinese currency as they ponder over what measures might be taken by Chinese authorities to halt its decline.
In addition to concerns about China's economic slowdown, rising oil prices and the Fed's view of maintaining higher interest rates for an extended period are also contributing to an overall sense of risk aversion in markets. Investors are also closely monitoring the renewed weakness in the Chinese currency as they ponder over what measures might be taken by Chinese authorities to halt its decline.
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The August reading of the producer price index came in hotter than expected. It rose 0.7%, more than the 0.4% increase anticipated by economists polled by Dow Jones. However, excluding food and energy, core PPI increased 0.2%, in line with the estimate.
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🕯 SELL GOLD | 1915 - 1917
🔴 SL: 1920
🟢 TP1: 1910
🟢 TP2: 1905
🔴 SL: 1920
🟢 TP1: 1910
🟢 TP2: 1905
