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PBoC sets USD/CNY reference rate at 7.1066 vs 7.1056 previous
Source Fxstreet
On Monday, the People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead at 7.1066 as compared to Friday's fix of 7.1056 and 7.2579 Reuters estimates.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Gold price (XAU/USD) rebounds from a nearly one-month low to around $4,385 during the early Asian session on Thursday. The precious metal edges higher as the US Dollar (USD) and Treasury yields retreat from recent highs.
Gold price (XAU/USD) gains momentum to around $4,470 during the early Asian session on Friday. The precious metal extended its recovery as Federal Reserve (Fed) rate hike bets ease. All eyes will be on the US August Nonfarm Payrolls (NFP) report, which is due later on Friday.
August nonfarm payrolls surged to 162,000, three times the consensus, pushing CME FedWatch odds of a September 25-bp hike to 58.4% and dragging the S&P 500 below 7,700. CPI, PPI and the Sept 15-16 FOMC decision now set the tone for US stocks.
Gold price (XAU/USD) falls to near $4,350 during the early Asian session on Wednesday. The precious metal faces some selling pressure as rising oil prices fueled inflation concerns and boosted expectations for a rate hike by the Federal Reserve (Fed) in September.
The dollar is pinned near nine-week lows even after a blockbuster jobs report, as an oil spike toward $100, a surging yen and China's reflation data crowd the driver's seat. Five key events to watch today: Brent at $99.46, USD/JPY at 154, China CPI/PPI, PBOC gold buying, and Thursday's PPI / Friday's CPI ahead of the September 15-16 FOMC.