Daily digest market movers: Gold picks up within recent range with all eyes on the Fed
- Gold is regaining some of the ground lost on Monday, favoured by a somewhat brighter market mood as concerns of a full-blown war in the Middle East have eased.
- Israeli authorities assured that they want to retaliate Hizbullah, for the rocket attack that killed 12 people on the weekend, but that they want to avoid a regional war in the Middle East. This has calmed market fears.
- Later today, the Conference Board is expected to show that the Consumer Sentiment Index deteriorated marginally in July, to a reading of 99.5 from the 100.4 posted in the previous month.
- In the same line, US JOLTS Job Openings are seen to have declined to 8.03 million in June from the 8.14 million openings reported in May.
- The Fed is releasing its monetary policy decision on Wednesday, and the recent inflation readings have boosted market expectations that the bank might signal the exit of the restrictive cycle.
- US 10-year yields are marginally above four-month highs, while the 2-year yield, the most closely related to interest rate expectations, remains depressed at their lowest levels since February.
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