Gold extends the range play heading into key central bank event risks
The latest report from the Institute for Supply Management (ISM) showed that the US manufacturing sector experienced a decline in business activity in April, reaching a three-year low. This marks the sixth consecutive month in which the sector has remained in contraction territory, which is attributed to higher borrowing costs and stricter credit. However, the report also highlighted an increase in inflation pressures during the same period, which has further fueled expectations for a 25 basis points lift-off at the upcoming Federal Open Market Committee (FOMC) meeting. This news, coupled with JPMorgan's announcement to acquire most of First Republic Bank's assets, has resulted in a surge in US Treasury bond yields and a boost in the value of the USD.
Anticipating and will continue sideways in the big frame
Plan in the intro ♥
The latest report from the Institute for Supply Management (ISM) showed that the US manufacturing sector experienced a decline in business activity in April, reaching a three-year low. This marks the sixth consecutive month in which the sector has remained in contraction territory, which is attributed to higher borrowing costs and stricter credit. However, the report also highlighted an increase in inflation pressures during the same period, which has further fueled expectations for a 25 basis points lift-off at the upcoming Federal Open Market Committee (FOMC) meeting. This news, coupled with JPMorgan's announcement to acquire most of First Republic Bank's assets, has resulted in a surge in US Treasury bond yields and a boost in the value of the USD.
Anticipating and will continue sideways in the big frame
Plan in the intro ♥
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