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AUD/USD appears bid above 0.6700
AUD/USD reverses three consecutive daily pullbacks, regaining some composure in response to the renewed selling pressure on the Greenback as investors assessed fresh threat to the Fed’s independence. Next on tap in Oz will be the Westpac Consumer Confidence gauge.
EUR/USD meets resistance around 1.1700
EUR/USD sets aside part of the recent sharp sell-off, gathering fresh steam on the back of the intense downward bias in the US Dollar. The Greenback’s marked pullback comes on the back of renewed concerns over the Fed’s independence, all ahead of Tuesday’s key US CPI data release.
Gold smashes $4,600 record as Powell charges ignite haven frenzy
Gold rallies to new record high past $4,600 on Monday due to safe-haven flows courtesy of the US Department of Justice, which presented charges against the Federal Reserve Chair Jerome Powell over the building’s renovations. At the time of writing, XAU/USD trades at $4606, up more than 2%.
Strategy buys $1.25 billion worth of Bitcoin, but sell-side pressure remains dominant
Bitcoin treasury and financial intelligence company Strategy stepped up its accumulation of the top crypto last week after it purchased 13,627 BTC for $1.25 billion, its largest buy since last July.
The week ahead: Earnings season meets Donald Trump in a big week for markets
Federal investigation of Powell and the Fed knocks risk sentiment. Concerns grow about Fed independence as gold hits a record. Are markets expecting Trump to scale back his rhetoric?
Here’s what to watch on Tuesday, January 13:
The US Dollar (USD) lost some of its shine on Monday, weighed down by renewed concerns over the Fed’s independence as investors seem to have started to pencil in a (more?) dovish Fed in the upcoming months.