US manufacturing data revealed a slowdown in ‘new orders’ and ‘employment’ sending the dollar lower on Friday. However, NFP data remains the focus next week
Forecasts
Next week’s ECB meeting is unlikely to see any change in monetary policy but post-decision commentary may give traders a better view when the first rate cut is set to be announced
The British Pound remains confined to narrowing ranges against the United States Dollar in a market where volatility has plummeted.
The weekly gold candle shows a restrictive range of just $25 as the precious metal looks for a driver to help break its current lethargy
ECB governing council members reiterated a lack of urgency to cut interest rates despite improved wage growth data. Lack of bullish euro drivers suggest vulnerability
The last few sessions have seen data showing the UK in recession, and some more hopeful signs that it might already be coming out. There’s less to look forward to this week, but that might not be bad news for Sterling.
Hotter-than-expected PPI figures on Friday added to stubborn CPI data on Tuesday, setting up the dollar for a positive week. Weekly and daily charts conflict for gold and silver