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The precious metal Gold rose strongly for another consecutive day to break out to a new all-time high near $3,600, 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 day. 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 still be interested to be long here, although we saw a bearish retracement during today's Asian session. Trump's recent attacks on the Fed may be giving a tailwind to Gold's rise.
- US JOLTS Job Openings data released yesterday came in significantly lower than was widely expected (at a 10-month low), strongly boosting expectations that the Fed will cut rates at its next two meetings, according to the CME FedWatch too and may well also implement a third cut at its final meeting of the year in December. This has not sent the Dollar lower, but it has possibly stopped the US stock market from falling any further.
- The Forex market has remained relatively quiet over the recent Asian session, with the US Dollar the strongest major currency on the day, and the Australian Dollar the weakest, putting the AUD/USD currency pair in focus. Weakness in the Japanese Yen is a persistent theme.
- Swiss inflation data came in lower than expected. Markets were expecting no month-on-month change in the CPI, but it actually shrank by 0.1%, showing short-term deflation.
- There will be high-impact data releases today in the USA of:
- The ADP Non-Farm Employment Change Forecast
- ISM Services PMI
- Unemployment Claims