Todays Important Data for Bullion Market [10-Aug-2022]

Todays Important Data for Bullion Market [10-Aug-2022]

Todays Important Data for Bullion Market Annual inflation rate in the US likely slowed to 8.7% in July of 2022 from 9.1% in June, which was the highest reading since November of 1981. Gasoline prices increased nearly 44% year-on-year in July, much slower than a 60% jump in June and …

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100 bps July 2022 Fed Rate Hike on the Table

Fed Rate Hike: Despite the looming recession risks, markets are wagering a 100 bps rate hike in July, as Fed will likely fight the inflation monster head-on. The Bank of Canada’s (BOC) unexpected 100 bps lift-off also favors hawkish Fed tightening expectations. The Fed sentiment is leading the way so far this Thursday, weighing negatively on the Gold (XAUUSD) pair.

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FOMC June Minutes Outlook: FOMC will release the minutes of the June policy meeting on Wednesday, July 6.

FOMC Outlook: The US Dollar Index (DXY), which tracks the greenback’s performance against a basket of six major currencies, surged above 106.00 and reached its highest level in nearly two decades on Tuesday. The widening policy divergence between the US Federal Reserve and other major central banks, especially the European Central Bank, continues to boost the dollar. Additionally, the currency capitalizes on safe-haven flows with investors growing increasingly worried about a global recession.

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