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The precious metal Gold rose strongly to break out to a new all-time high near $3,550, attracting significant speculative interest.
- The standout story as the new week and month begins is the strong gain seen in both Gold and Silver with each precious metal making a new all-time high for another consecutive da. Gold's breakout is especially significant, as the price is trading well above the really major round number confluent with the old high at $3,500. Trend and momentum traders will likely be interested to be long here.
- Other precious metals such as Platinum and Palladium are also rising today, with Platinum looking especially bullish. It seems that precious metals are doing well today as an asset class at least partly because of developments in the USA regarding President Trump's new tariffs. Some analysts point to the prospect of rate cuts, although the CME FedWatch tool suggests little recent change in sentiment on the prospect of cuts soon.
- Australian GDP data released earlier today showed the strongest rate of growth since September 2023, with the month-on-month increase coming in at 0.6%, a fraction higher than the widely expected 0.5%. The data has had little effect on the Australian Dollar.
- The Forex market has remained quiet over the recent Asian session, but that does not mean we will not see much more volatility likely come online once the London session gets underway.
- President Trump announced that his administration would appeal the ruling against his new tariffs to the Supreme Court right away. It is widely expected that the Supreme Court will rule in Trump's favour.
- US ISM Manufacturing PMI data released yesterday in the USA came in more or less as expected.
- The UK Parliament will hold a Monetary Policy Report Hearing today.
- There will be a release of JOLTS Job Openings data in the USA today