Gold Price Forecast: XAU/USD bulls got free drinks on the house, but hangovers could await them – by fx_ross Gold DollarIndex Fed CPI
Bulls will be seeking space above $1,800 but the Fed is still a long way off from its target despite today's CPI miss of expectations.
''The Fed will be looking for "clear and convincing" evidence of inflation turning the corner, and we are not there yet,'' analysts at TD Securities argued. ''An epic collapse across USD pairs. The question is whether this will stick.'' Despite the prospects of peak inflation, the broader sentiment in the markets is for the Fed to maintain its aggressive tightening bias in the months ahead. There are fewer possibilities of a 75bps hike in September, however, with markets in anticipation of a 50bp rate hike instead but the pedal will be to the metal as the Fed aims to reach a more restrictive policy posture before the end of the year.
''We expect market pricing for hikes to continue gyrating between extremes as investors digest more data ahead of the September FOMC.'' The analysts at BBH explained that ''by late August, we will have seen all the major July data and some of the early August surveys such as the preliminary S&P Global PMI readings and regional Fed surveys. The Fed will also have a good idea of how the economy is doing in Q3. That said, we do not think the
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