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Gold clinches fresh record highs, eyes $3,300 ahead of US data, Powell
Gold price resumes its record rally on Wednesday, with eyes on $3,300. China’s annual Q1 GDP beats expectations but US tariff uncertainty looms, aiding Gold price upside. Gold price is back in the overbought zone on the daily chart; US Retail Sales and Powell are eyed.
AUD/USD holds gains near 0.6350 after Chinese GDP data
AUD/USD consolidates gains near 0.6350 in Asian trading on Wednesday. The pair stays supported by the upbeat Chinese annual GDP, Retail Sales and Industrial Production data. However, the further upside appears capped by US-China trade woes ahead of US data and Powell.
USD/JPY stays pressured toward 142.50 amid renewed US Dollar selling
USD/JPY turns south toward 142.50 and remains close to a multi-month low touched last week. Tariff-driven uncertainty continued to weigh on the US Dollar. Adding to this hope for a US-Japan trade deal, the divergent BoJ-Fed policy expectations and a softer risk tone underpin the safe-haven Japanese Yen.
UK CPI set for a slight decline in March, reinforcing BoE easing expectations
The United Kingdom’s Office for National Statistics will publish the March CPI data on Wednesday. The annual UK headline inflation is set to cool in March, while core CPI is seen to remain unchanged. The UK CPI data could inject volatility around the Pound Sterling amid a cautious BoE.
Is a recession looming?
Wall Street skyrockets after Trump announces tariff delay. But gains remain limited as Trade War with China continues. Recession odds have eased, but investors remain fearful. The worst may not be over, deeper market wounds still possible.
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