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Spot gold retreated 0.5% to $1 828.68 an ounce by 12:17 p.m. in Singapore.
By Ranjeetha Pakiam, Bloomberg
12 May 2021 08:30
Image: Andrey Rudakov/Bloomberg
Gold declined after Federal Reserve policy makers said the US economy is on the road to recovery despite still facing risks, while traders await consumer price data later Wednesday amid jitters over inflation.
The economic situation is improving, but itâs premature to discuss reducing monetary policy support, according to a chorus of Fed officials. âThe outlook is bright, but risks remain, and we are far from our goals,â Governor Lael Brainard told a virtual event Tuesday, adding that itâs important to remain focused on achieving the Fedâs goals for maximum-employment and inflation.
May 11, 2021 - Written by John Cameron
The Pound to US Dollar (GBP/USD) exchange rate has been mixed for much of the day as Sterling continues to be supported by England’s roadmap out of lockdown.
At the time of writing the GBP/USD pairing are trading at around $1.4142 as USD tries to pullback from disappointing employment data from the US at the end of last week.
Pound Sterling (GBP) Exchange Rate Mixed on UK Economic Optimism
The Pound has been mixed against the US Dollar for much of the day as Sterling continues to find support from the UK’s roadmap out of lockdown, with Prime Minister Boris Johnson last night confirming that the next stage of the roadmap could go ahead.
Asia PacificDollar holds near two-week high, U.S. jobs data eyed for Fed clues
Kevin Buckland
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A U.S. Dollar banknote is seen in this illustration taken May 26, 2020. REUTERS/Dado Ruvic/Illustration
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The dollar hovered below a two-week high on Thursday, consolidating ahead of a key U.S. jobs report that may provide clues on when the Federal Reserve will dial back monetary stimulus.
The greenback has rebounded from a one-month low over the past week, swung by U.S. economic data that has largely supported the case for a rapid recovery from the pandemic, with traders weighing whether a lift in inflation may force the Fed s hand earlier than policymakers have so far suggested.
USD/CAD - Canadian Dollar Extends Gains The Canadian dollar is plumbing the depths of three-year lows in early New York trading. Commodity prices continue to climb, leading to some analysts speculating about a commodity super-cycle. That is good news for the Canadian dollar as Canada’s economic growth is still heavily reliant on natural resource exports.
The Canadian dollar continues to grind higher due to expectations for a robust post-pandemic economic boom, fueled by massive fiscal and monetary stimulus from Canadian and U.S. governments, in a low-interest-rate environment.
U.S. Federal Reserve policymakers were out in force yesterday, unanimously pushing back against the notion that the Fed will need to raise interest rates if inflation rises. Fed Vice Chair Richard Clarida said they were still a long way from their goals and now was not the time to talk about tapering. Boston Fed President Eric Rosengren echoed Clarida’s remarks, saying they need to see