Earlier today, the latest UK jobs report showed that the unemployment rate dropped to the lowest since 1975, which pushed the British pound higher against the greenback. Despite this improvement, currency bulls didn’t manage to hold gained levels, which resulted in a pullback. How low could the GBP/USD go in the coming days?
The U.S. dollar remained on the defensive early Thursday, after yesterday’s declines led by increased uncertainty over another U.S. rate hike in 2017 and President Donald Trump’s fiscal agenda after abolishing the Manufacturing Council and Strategy & Policy Forum.
The last couple of years and—in particular—the last couple of months were very difficult for gold traders—i.e. they were boring. Despite several huge daily price swings, the precious metals market has not been going anywhere, moving in and around the $1,100 - $1,300 price range.
On Monday, official data showed that Chinese demand for crude oil declined in July, which together with a stronger greenback and concerns over a rise in OPEC output weighed on investors’ sentiment and pushed the price of the black gold lower. As a result, light crude lost 2.52% and closed the day below $48. How low could the commodity go in the coming days?