Gold, dollars and euros to where?

Gold, dollars and euros to where?
Gold, dollars and euros to where?

Musa Muhammad Tayah | May 15, 2023 01:57 AM

Gold, dollars and euros to where

Spot gold has stabilized, the euro and the pound have fallen against the US dollar, and the markets are awaiting retail sales figures.

The Dollar saw a rally in last week’s trading despite a slowdown in CPI.

The decline in commodity prices was one of the reasons why traders turned to the dollar as the Chinese currency fell after the headline inflation data.

The dollar increased its gains against the euro and the pound sterling, and gold settled above $2000 throughout the month of May, as hopes were renewed that an agreement between the US president and the congressional leadership on the US debt ceiling crisis might be reached.

Unemployment and earnings numbers for March will be released in the UK and growth data in the Eurozone as well as retail sales figures in the US.

US retail sales have been resilient over the past months and grew by 2.4% in the first month of the year while recording zero growth in the following month.

The US economy remains strong with moderate inflation and a strong labor market which may help the dollar to rise in the short term.

The video below takes a technical look at gold levels and important currencies

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Written by:
Musa Muhammad Tayah

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