Forex Analysis by Investing.com (Günay Caymaz) covering: USD/JPY, XAU/USD, US Dollar Index Futures, Gold Futures. Read Investing.com (Günay Caymaz)'s latest article on Investing.com
This political shift has increased market uncertainty, affecting the US dollar and boosting safe-haven assets like gold.
While Harris enjoys considerable support within the party, the silence from some high-profile Democrats has raised questions and slightly increased market uncertainty. Additionally, while Donald Trump's chances of defeating Biden seemed high, Harris's candidacy introduces new uncertainties.continued to appreciate against the dollar, driven by high expectations for a Fed rate cut in September and the increasing likelihood that the BOJ will soon adopt a tighter monetary policy.
The Dolar Index started the week with a slight decline, hovering around 104.2. Last week, the DXY dipped to 103 as expectations for a Fed interest rate cut increased, but found support from Fed members' comments and closed at 104. In the past three days, gold has dipped below $2,400 but began the week with a decelerated decline due to uncertainty following President Biden's recent actions. Early in the week, investors flocked to gold, helping it stay resilient near the critical support level.
USD/JPY started the week lower at 157.43 and eased to 156.28 in the early hours of the day. While the downtrend in USD/JPY started from the 161 region, where historical highs were seen, the trend remains bearish despite last week's partial dollar rally.
XAU/USD US Dollar Index Futures Gold Futures
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