The recent push higher in global bond yields is weighing on the precious metal as two key US economic data releases near.
EUR/USD IG Client Sentiment: Our data shows traders are now net-long EUR/USD for the first time since May 09, 2024 when EUR/USD traded near 1.08.The Bank of Canada is the central bank of Canada, responsible for overseeing the country's monetary policy and promoting the econo...Get My Guide
This week’s auction of 2-, 5- and 7-year US Treasuries, totaling $183 billion, met weak demand and pushed yields sharply higher over the last two days, as dealers and investors demanded more for their money. These higher UST yields, coupled with growing expectations that the Federal Reserve may only cut interest rates once this year, nudged theLater in today’s session, the US Bureau of Economic Analysis will release the 2nd look at US Q1After printing a multi-decade high of $2,450/oz.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Gold trading bias.
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