31/10/2024 Daily Reports
Gold remains above $2,780 an ounce, holding at record highs as investors seek safety amid looming U.S. election risks and global tensions. Recent U.S. data showed a 2.8% GDP growth in Q3—solid but just shy of expectations—while consumer spending stayed robust, fueling inflation concerns. These mixed signals have traders expecting potential rate cuts, which could keep boosting gold’s appeal as lower rates reduce the cost of holding non-yielding assets. With critical inflation and payroll data on the way, markets are bracing for more surprises. Will gold’s surge continue, or is a turn ahead?
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BOJ Stays Put, Eurozone Inflation Heats Up: Is the ECB Rate Cut in Doubt?
The currency market is mostly steady today, with only the Japanese yen showing a bit of movement after the Bank of Japan held rates steady. USD/JPY initially jumped on the news but has since settled down 0.4% to 152.85, dipping below its 100-hour moving average. If it stays below, sellers could gain short-term control, though the pair remains supported by its 200-day average at 151.50.
In Europe, all eyes are on inflation data, with recent figures hinting that core inflation might be more stubborn than expected. Spain’s and Germany’s readings came in hotter, which could challenge the anticipated dip to 2.6% for the eurozone. Traders have slightly dialed back expectations of an ECB rate cut in December, now at 91% odds—potentially adding some lift for the euro if inflation remains sticky.
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