Gold price on February 12: Rates in main Indian cities ========== Gold prices fell in India on February 12, with the price standing at 62,147 Indian Rupees (INR) per 10 grams, down INR 240 compared to the previous day. Futures contracts for gold also decreased to INR 62,337 per 10 grams. Central banks are the biggest buyers of gold, with emerging economies such as China, India, and Turkey quickly increasing their gold reserves. Gold is seen as a safe-haven asset and a hedge against inflation and depreciating currencies. The price of gold is influenced by factors such as geopolitical instability, interest rates, and the strength of the US Dollar. #Gold #India #Price #Mcx #FuturesContracts #CentralBanks https://www.fxstreet.com/news/india-gold-price-today-gold-falls-according-to-mcx-data-202402120909

Australian Dollar extends its gains due to improved risk appetite amid a subdued US Dollar ========== The Australian Dollar (AUD) is gaining ground due to improved risk appetite and a weakening US Dollar (USD). The AUD/USD pair is being weighed down by the subdued USD, despite stable US Treasury yields. The rise in Chinese New Loans may provide additional support for the Australian Dollar. However, the Australian money market is trending lower, disregarding a record surge in US markets. Traders are cautious ahead of crucial US inflation data that could impact interest rate expectations. The Reserve Bank of Australia (RBA) Governor Michele Bullock acknowledged positive trends in recent inflation data but stressed the need for continued progress. Chinese New Loans data showed a record high, but concerns about deflation in China are dampening sentiment. The US Dollar Index (DXY) is declining amid a risk-on sentiment in the market. The US CPI data for January is expected to show a moderation to 3.0% YoY and 0.2% MoM. Dallas Fed Bank President Lorie Logan stated that there is currently no pressing need to lower interest rates. The Australian Dollar is hovering around 0.6520, below the immediate barrier of the nine-day EMA at 0.6530. Key support is expected at 0.6500, while key resistance is at 0.6550. The AUD/USD pair is influenced by factors such as interest rates set by the RBA, the price of Iron Ore, the health of the Chinese economy, inflation in Australia, and market sentiment. The RBA's decisions impact the AUD by setting interest rates, while the health of the Chinese economy affects the AUD as China is Australia's largest trading partner. The price of Iron Ore is a driver of the AUD, as higher prices increase demand for the currency. The Trade Balance, which is the difference between exports and imports, also influences the value of the AUD. The AUD/USD pair is trading near 0.6520 in the Asian session, with a focus on risk sentiment and the upcoming US CPI data. #AustralianDollar #UsDollar #RiskAppetite #UsInflationData https://www.fxstreet.com/news/australian-dollar-extends-its-gains-due-to-improved-risk-appetite-amid-a-subdued-us-dollar-202402120147

EUR/USD Forecast: Sellers aligned ahead of 1.0800 ========== The EUR/USD pair peaked at 1.0788 early on Thursday, turning south mid-European session and currently trading in the 1.0750 price zone. The US Dollar finds support in firmer US government bond yields, holds within familiar levels. The European Central Bank Economic Bulletin repeated the well-known message of higher for longer. EUR/USD met sellers ahead of 1.0800, aims to extend its slide below 1.0700. The European Central Bank (ECB) released the Economic Bulletin, usually published two weeks after the central bank’s meeting. The document showed the Governing Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner, adding the risks to economic growth remain tilted to the downside. The upcoming American session will bring the United States (US) Initial Jobless Claims for the week ended February 2 and December Wholesale Inventories. Additionally, multiple Federal Reserve (Fed) officials will be on the wires, and speculative interest will pay close attention to their comments in search of fresh clues. From a technical perspective, the EUR/USD pair seems poised to extend its decline. The daily chart shows it met sellers around a flat 100 Simple Moving Average (SMA) while the 20 SMA maintains its firmly bearish slope above it. Also, the pair flirted with the weekly high and was unable to extend its rally, suggesting unconvinced buyers. Finally, technical indicators turned lower within negative levels, in line with resurgent selling interest. For the near term, the 4-hour chart supports the bearish case. Technical indicators rotated sharply lower, retaining their bearish slopes. Particularly, the Relative Strength Index (RSI) indicator anticipates further slides, as it currently stands at 41 without signs of bearish exhaustion. At the same time, EUR/USD is currently extending its slide below the 20 SMA, which formerly offered support. A steeper decline could be expected once the pair slides below 1.0720. https://www.fxstreet.com/analysis/eur-usd-forecast-sellers-aligned-ahead-of-10800-202402081254

EUR/USD remains capped near 100-day SMA amid emergence of USD dip-buying ========== The EUR/USD pair struggles to capitalize on its modest intraday gains back closer to the 1.0800 mark, a fresh weekly high, and turns neutral during the first half of the European session on Thursday. Expectations for an interest rate cut at the start of the second quarter have been growing stronger, undermining the Euro. The USD Index (DXY) has stalled its retracement slide from the highest level since November 14 amid the Federal Reserve's less dovish outlook. The markets are still pricing in five rate cuts over the course of the seven remaining FOMC policy meetings this year. Traders now look to the release of the US Weekly Initial Jobless Claims data, which, along with scheduled speeches by Richmond Fed President Thomas Barkin, might provide some impetus. The market focus remains glued to the latest US consumer inflation figures, due next week. #Eur/usd #UsdDip-buying #InterestRateCut #UsdIndex #FederalReserve #FomcPolicyMeetings #UsWeeklyInitialJoblessClaims #RichmondFedPresidentThomasBarkin #UsConsumerInflation https://www.fxstreet.com/news/eur-usd-remains-capped-near-100-day-sma-amid-emergence-of-usd-dip-buying-202402080953

USD/JPY Outlook: Bulls look to seize near-term control, move beyond 148.80 hurdle awaited ========== The USD/JPY pair is gaining positive traction for the second successive day, with bulls looking to move beyond the 148.80 resistance level. The momentum is supported by the dovish remarks from the Bank of Japan (BoJ) and the underlying bullish sentiment in global equity markets. Investors believe that wage growth in Japan may outpace that of 2023, leading to the exit of the BoJ's ultra-loose monetary policy. However, the USD's lackluster performance and uncertainty over the Federal Reserve's rate cut path may cap any significant appreciation in the USD/JPY pair. Traders are awaiting the release of US economic data and speeches by central bank officials for further direction. #Usd/jpy #Forex #BankOfJapan #EquityMarkets #WageGrowth #FederalReserve https://www.fxstreet.com/analysis/usd-jpy-outlook-bulls-look-to-seize-near-term-control-move-beyond-14880-hurdle-awaited-202402080737

Asian stocks track Wall Street higher, Japan’s Nikkei leads gains ========== Asian stocks are tracking Wall Street higher, with Japan's Nikkei leading the gains. Most Asian stocks are edging higher following the S&P 500 closing at a record high. China's Shanghai is up 0.62%, the Shenzhen Component Index rose 1.08%, Hong Kong's Hang Seng dropped 1.26%, South Korea's Kospi is up 0.16%, India's NIFTY 50 is down 0.86%, and Japan's Nikkei is up 1.91%. Japan's December current account balance was lower than expected, with a surplus of 744.3 billion yen compared to the expected surplus of 1.02 trillion yen. In China, policymakers plan to bolster markets ahead of the Lunar New Year holiday. The Chinese economy is facing deflationary pressures, and officials are under pressure to take more measures to boost the economy. In India, the Reserve Bank of India (RBI) decided to keep the repo rate unchanged at 6.5%. The Bank of Thailand (BoT) also left its benchmark interest rate steady. Mainland Chinese stock markets will be closed on Friday for the Lunar New Year and will reopen on Monday. #AsianStocks #WallStreet #Japan'sNikkei #ChineseStimulusMeasures https://www.fxstreet.com/news/asian-stocks-track-wall-street-higher-japans-nikkei-leads-gains-202402080700

BoJ’s Uchida: Future rate path depends on economic, price developments at the time ========== Bank of Japan (BoJ) Deputy Governor Shinichi Uchida stated that the future rate path of the BoJ depends on economic and price developments at the time. The focus will be on the pace of increase in inflation expectations and the degree of price dynamism, including wages. The BoJ will determine whether conditions have fallen into place to shift policy and then consider the most appropriate means and sequence to do so. Uchida emphasized that terminating Yield Curve Control (YCC) does not mean the BoJ will suddenly stop bond buying. The decision to expand or scale back the balance sheet will depend on economic developments at the time. Uchida also mentioned that rising prices leading to higher wage growth and the outcome of this year's annual wage negotiation will be crucial factors in judging whether a positive economic cycle will kick off. The likelihood of sustained achievement of the 2% inflation target is gradually heightening. Uchida did not comment on market perceptions of the future rate path. The fate of the BoJ's overshooting commitment will be decided once sustained achievement of the 2% inflation target comes into sight. The government and the BoJ share a common understanding in guiding policy, and wage growth is essential for sustainable 2% inflation. At the time of writing, USD/JPY is trading at 148.64, up 0.30% on the day. #BankOfJapan #InterestRates #EconomicDevelopments #PriceDynamics #Inflation #WageGrowth https://www.fxstreet.com/news/bojs-uchida-future-rate-path-depends-on-economic-price-developments-at-the-time-202402080600

USD/INR weakens ahead of RBI rate decision ========== The Indian Rupee (INR) is trading stronger against the US Dollar (USD) and US bond yields are lower. The Reserve Bank of India (RBI) is expected to keep the key interest rates unchanged at 6.5% for the sixth consecutive time. Traders are awaiting the RBI interest rate decision along with the US weekly Initial Jobless Claims and a speech by Fed's Barkin. The RBI governor will announce the bi-monthly monetary policy, which is anticipated to maintain a status quo on the key interest rate. The RBI Monetary Policy Committee (MPC) is expected to keep the repo rate steady at 6.5% as inflation approaches the upper tolerance level of 6%. The RBI raised its economic growth forecast to 7% from 6.5% due to positive signs in the Indian economy. The RBI interest rate decision will be followed by attention on Indian inflation data and Industrial Production. The Indian Rupee is sensitive to external factors such as the price of crude oil, the value of the US Dollar, and foreign investment. The decisions of the RBI and macroeconomic factors such as inflation, interest rates, economic growth rate, and the balance of trade also influence the value of the Indian Rupee. The USD/INR pair has traded within a descending trend channel of 82.70-83.20 and maintains a bearish outlook in the short term. The US Dollar price today shows a mixed performance against major currencies. The Indian Rupee is influenced by factors such as the price of crude oil, the value of the US Dollar, foreign investment, and the decisions of the Reserve Bank of India. Inflation impacts the Indian Rupee, with higher inflation generally being negative for the currency. The author and FXStreet do not provide personalized recommendations and the information provided is for informational purposes only. #Usd/inr #Rbi #InterestRates #Inflation #EconomicGrowth #CrudeOil #UsDollar https://www.fxstreet.com/news/usd-inr-weakens-ahead-of-rbi-rate-decision-202402080358

Australian Dollar remains calm after subdued Chinese CPI, US Dollar remains stable ========== The Australian Dollar (AUD) recovers its recent losses on Thursday, buoyed by a risk-on sentiment in the market. The US Dollar (USD) faces challenges despite the US Federal Reserve (Fed) emphasizing its commitment to keeping interest rates elevated until inflation sustainably returns to the 2% target. The Australian currency is strengthened as RBA’s Bullock did not rule anything in or out regarding future policy actions. Chinese CPI (YoY) declined by 0.8% against the anticipated decline of 0.5% and the previous decline of 0.3%. The Australian Dollar is bolstered by hawkish remarks from Reserve Bank of Australia (RBA) Governor Michele Bullock following the interest rate decision on Tuesday. The RBA opted to keep its Official Cash Rate (OCR) unchanged at 4.35%. Chinese Consumer Price Index (CPI) grew by 0.3% MoM in January, falling short of the expected 0.4%. However, it has been improved from the previous reading of 0.1%. The annual CPI declined by 0.8%, exceeding the anticipated decline of 0.5% and the previous decline of 0.3%. The US Dollar Index (DXY) continues its downward trend for the third consecutive session, pressured by a correction in US Treasury yields. Federal Reserve Chair dismissed the possibility of a rate cut in March. Australian Dollar price today: The Australian Dollar trades around 0.6530 on Thursday, slightly below the immediate resistance level at 0.6550. A breakthrough above this level could potentially catalyze further upward movement for the AUD/USD pair, with potential targets including the 23.6% retracement level at 0.6563 and the 21-day Exponential Moving Average (EMA) at 0.6579. On the downside, key support is anticipated at the psychological level of 0.6500. Additional support levels include the weekly low at 0.6468, followed by a major support level at 0.6450. #AustralianDollar #UsDollar #ChineseCpi #Rba #FederalReserve #InterestRates https://www.fxstreet.com/news/australian-dollar-remains-calm-after-subdued-chinese-cpi-us-dollar-remains-stable-202402080153

Stock Market Today: US stocks set for a mixed opening as investors await key earnings reports ========== US stock index futures trade mixed ahead of Wall Street's opening bell on Wednesday. S&P 500 futures are down 0.06%, Dow Jones futures drop 0.16%, and Nasdaq futures are unchanged. Enphase Energy INC (ENPH) was the top-performing stock in the S&P 500 on Tuesday, gaining more than 13% on a daily basis. Kroger (KR), KLA Tencor Corp. and Fiserv Inc. shares were the biggest losers Tuesday, falling more than 2%. The US Census Bureau will release Goods Trade Balance data for December on Wednesday. The Federal Reserve will publish Consumer Credit Change later in the day, and Fed Governor Michelle Bowman and Richmond Fed President Thomas Barkin will also be speaking. Alibaba Group Holdings Ltd. (BABA) reported Q3 adjusted net income of RMB 47,951 million and Q3 revenue of RMB 260,348 million on Wednesday. Uber Technologies Inc (UBER) announced Q4 net income of $1.4 billion and Q4 gross bookings of $37.6 billion. Walt Disney Company (DIS), ARM Holdings PLC (ARM), and Paypal Holdings Inc (PYPL) are among top companies scheduled to announce earnings after the closing bell on Wednesday. Federal Reserve Bank of Philadelphia President Patrick Harker said on Tuesday that the central bank made the right choice last week to maintain interest rates steady amid an outlook that likely heralds more inflation declines. The CME FedWatch Tool shows that markets are pricing in a 21.5% probability of a 25 basis points Fed rate cut in March. #UsStocks #EarningsReports #S&p500 #DowJones #Nasdaq #EnphaseEnergy #Kroger #KlaTencorCorp. #FiservInc. #UsCensusBureau #FederalReserve #AlibabaGroupHoldings #UberTechnologies #WaltDisneyCompany #ArmHoldingsPlc #PaypalHoldings #FederalReserveBankOfPhiladelphia #InterestRates https://www.fxstreet.com/news/us-stocks-set-for-a-mixed-opening-as-investors-await-key-earnings-reports-202402071235