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GBP/USD stays below 1.2650 as BoE Governor Bailey testifies
GBP/USD trades in the red below 1.2650 on Tuesday. Although BoE Governor Bailey said a gradual approach to removing policy restraint will help them observe risks to the inflation outlook, the sour mood doesn't allow the pair to gain traction.
EUR/USD remains heavy near 1.0550 amid escalating Russia-Ukraine conflict
EUR/USD stays under heavy selling pressure near 1.0550 in Tuesday's European trading. The US Dollar finds fresh haven demand on escalating goeopolitical tensions amid reports that Kremlin is threatening a nuclear response amid Ukraine's use of Western missiles against Russia.
Gold extends recovery toward $2,640 as geopolitical risks intensify
Gold price builds on Monday's gains and rises toward $2,640 as risk-aversion grips markets amid intensifying geopolitical tensions between Russia and Ukraine. Meanwhile, the 10-year US Treasury bond yield is down more than 1% on the day, further supporting XAU/USD.
Canada CPI expected to rise 1.9% in October, bolstering BoC to further ease policy
The Canadian Consumer Price Index is seen ticking higher by 1.9% YoY in October. The Bank of Canada has reduced its policy rate by 125 basis points so far this year. The Canadian Dollar navigates multi-year lows against its American counterpart.
The week ahead: Powell stumps the US stock rally as Bitcoin surges, as we wait Nvidia earnings, UK CPI
The mood music is shifting for the Trump trade. Stocks fell sharply at the end of last week, led by big tech. The S&P 500 was down by more than 2% last week, its weakest performance in 2 months, while the Nasdaq was lower by 3%. The market has now given back half of the post-Trump election win gains.
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