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Hello everyone, today Avatrade Aihua Foreign Exchange will bring you "[Avatradescn Official Website]: Gold breaks through $3,085 in one fell swoop, focus on PCE today". Hope it will be helpful to you! The original content is as follows:
The market insists on a cautious standpoint and starts the last trading day of the week. European Economic Case Files will release consumer and corporate confidence data on Friday. Later in the day, market participants will closely monitor the Fed's preferred inflation indicator U.S. February personal consumption expenditure (PCE) price index data.
The dollar weakened against its main avatradescn.competitor on Thursday as U.S. President Donald Trump's tariff announcement reignited concerns about a U.S. recession. During the U.S. trading hours, the currency benefits from a risk-averse market atmosphere and limits its losses. In early Friday, the U.S. dollar index fluctuated narrowly below 104.50. It is expected that the annual PCE inflation rate will stabilize at 2.5% in February.
BoJapan's opinion summary showed earlier Friday that a policymaker pointed out that inflation was "a bit beyond" expectations. Meanwhile, the Tokyo Consumer Price Index rose 2.9% annually in March after 2.8% in February. The U.S. dollar/yen fell slightly after two consecutive days of gains, trading around 105.50 in early trading on Friday.
Basic foreign exchange market conditions:
The UK National Statistics Office reported on Friday that retail sales in February increased by 1% month-on-month. The figure follows a 1.4% increase recorded in January, better than market expectations for a decline of 0.3%. GBP/USD held its ground after optimistic UK data and rose slightly above 1.2950.
Euro/USD rose nearly 0.5% on Thursday, ending a six-day decline. The pair was in a consolidation phase near 1.0800 in early trading on Friday.
The yen appreciates to 1 against the US dollar50.65, the forecast increase is close to 4% this quarter, and the market bets that the Bank of Japan may further raise interest rates.
Big market fundamentals:
In the avatradescn.commodity market, gold prices hit record highs on Friday, and the threat of a trade war drove investors to move towards safe-haven assets. Spot gold rose 0.7% to around $3,080 per ounce, hitting a high of $3,085 intraday. In the first quarter of this year, gold prices have risen by more than 17%, and are expected to hit their best quarterly performance since 1986.
Oil prices fell slightly, with investors evaluating the impact of tightening crude oil supply while paying attention to the possible impact of new U.S. tariffs on the global economy. Brent crude futures fell 0.24% to $73.85 a barrel. U.S. WTI crude oil futures fell 0.27% to $69.73 a barrel.
Analysis of major currency trends:
Euro: The intraday bias of the euro/dollar remains neutral at present. The 38.2% retracement level of 1.0726 from 1.0358 to 1.0953 is expected to provide strong support avatradescn.com to avatradescn.complete the correction from 1.0953. On the plus side, breaking through 1.0857 will first retest 1.0953. Resolute breakthrough will resume a greater increase from 1.0176. However, a continued breakthrough of 1.0726 will bring a deeper correction to 55DEMA (now at 1.0637).
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