The Bank of England are set to raise UK interest rates for the 12th successive meeting – signalling to the market that more gains ahead for the British Pound?
Due to the Fed’s stance to not provide a narrative on the future outlook of interest rate policy at this moment, what Gold buyers will be hoping for is data showing inflationary pressures are cooling off for the United States economy significantly.
Traders should not allow debt ceiling headlines to disguise what is really driving financial market sentiment. The main event for the week in terms of economic data releases will be Wednesday’s U.S. inflation report.
From the technical outlook side of the charts Gold is clearly bullish and buyers found a fresh round of inspiration after punching through $2000 at the beginning of the week. The precious metal should be a central function of an investor portfolio and for good reason.
The most well-known Cryptocurrency touched weekly highs just below $30,000 in response to uncertainty in the banking sector resurfacing. Fears regarding what impact this could have on economic momentum has encouraged a sell-off in other risk assets, such as Oil.
Here is what you need to know when looking at the upcoming economic releases scheduled for the new trading week.
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