Gold Price Forecast: XAU/USD bulls in town on lower Fed bets Gold DollarIndex Currencies NFP SEO
US Dollar weighed by poor US data, weighing on Federal Reserve hawkish sentiment.on the back of bond yields falling on expectations a surprise cut in The Organization of the Petroleum Exporting Countries, OPEC+, production will spur inflation. This was dimming hopes the Federal Reserve will cut interest rates this year.
´New orders fell to 44.3 vs 47.0. Manufacturing is one of the most rate-sensitive sectors of the economy as goods like autos are primarily bought on credit. There continues to be encouraging on goods inflation. Supplier delivery times fell 0.4 to 44.8, its lowest level since March 2009, and the prices sub-index fell 2.1pts to 49.2.´´
The US Dollar moved down to test below 102 the figure, DXY, while the US 10-year note was down 3.9 basis points to 3.432%. The two-year note was down 2.1 basis points to 4.007%.Looking ahead, the focus this week will be on Friday's Nonfarm Payrolls jobs report, although many markets will be closed for the Easter holiday.
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