Gold surged by $12 on Tuesday, spurred by China’s increase in gold reserves. However, this rise was limited due to strong US economic data and proposed tariffs from Trump. Concurrently, Nasdaq tumbled 400 points due to a sell-off in tech stocks, triggered by Bank of America’s change in recommendation for Tesla and worries over high inflation.
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Gold prices (XAUUSD) climbed by $12 during trading on Tuesday. This increase was fueled by market optimism regarding the People’s Bank of China raising its gold reserves, indicating robust demand amid global economic uncertainty.
Nevertheless, strong US economic data applied downward pressure on prices. Encouraging employment reports and a surge in service sector activity bolstered confidence in the strength of the US labor market, dampening hopes for any monetary policy easing by the Federal Reserve. Unexpected statements from president-elect Donald Trump regarding aggressive tariff plans, alongside concerns over the Panama Canal, contributed to a stronger US dollar, potentially pushing gold prices lower.
DẦU
Oil prices continued their ascent on Tuesday, reaching $74.41, supported by a larger-than-expected decrease in US crude oil inventories. An API report showcased a decrease of 4.022 million barrels last week, significantly outpacing market forecasts of a mere 250,000-barrel decline.
Oil retains upside potential amid optimism for demand recovery from China and ongoing geopolitical tensions, including the Russia-Ukraine conflict and Middle Eastern situations, both of which positively influence prices.
EURUSD
EURUSD closed lower by approximately 37 pips in yesterday’s trading session. Inflation in Germany surged to 2.6%, surpassing the anticipated 2.5%, while annual inflation for the Eurozone rose to 2.8% against a forecast of 2.7%, but these factors couldn’t prevent a downward trend for the Euro.
The decline in EURUSD was driven by expectations that the Federal Reserve would delay interest rate cuts due to the robust US economic data, strengthening the US dollar and putting downward pressure on the EURUSD exchange rate.
GBPUSD
GBPUSD faced downward pressure on Tuesday, failing to maintain the resistance level of 1.2575 established in the previous session. The sell-off causing this drop was largely due to the rebounding US dollar after being under pressure for two consecutive days.
The rise of the US dollar was bolstered by positive US employment reports and increased service sector activity, reinforcing confidence in the strength of the US labor market and dampening hopes for any monetary policy easing from the Federal Reserve.
USDJPY
The volatility in USDJPY movements continued through Tuesday’s trading session, climbing to a new daily high of 158.423. The Japanese yen weakened to a monthly low, as expectations for an interest rate hike by the Bank of Japan (BoJ) have diminished, contributing to the rise in USDJPY.
This currency pair may potentially continue its upward trend, supported by the US dollar returning to a positive trajectory, underpinned by favorable employment data and increased service sector activity, promoting confidence in the strength of the US labor market and limiting expectations for any Federal Reserve monetary policy easing.
NASDAQ
The Nasdaq index saw a sharp decline on Tuesday, dropping 400 points, driven by a 6.2% decrease in Nvidia shares after reaching a prior record high. Tesla also fell by 4% following Bank of America’s downgrade of Tesla’s stock from buy to neutral, indicating that BOA no longer advises investors to purchase Tesla shares.
Nasdaq may face further downward pressure as the increase in job openings in the US in November raises concerns that inflation will remain high, which could lead the Federal Reserve to postpone any interest rate cuts.
