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Gold opened the week fairly steady in Asian trading, as traders continue to weigh the recent US data and the potential path of rates for the Federal Reserve. The recent cooling data has traders starting to bet against rate hikes, or at least multiple ones, despite the fact that the Cleveland Federal Reserve Gov. recently suggested there would likely be multiple hikes needed. This could put a lot of importance on the FOMC Meeting Minutes this Wednesday.
Earnings reports will be on the minds of traders again this week, but there are also other concerns, with the potential deal between Oman and Iran about the Strait of Hormuz, which could provide relief for some assets, with Europeans being able to access energy easily as well. Of particular note this week are the Target and Walmart earnings later this week, which could give us a look at the US consumer.
Bitcoin continues to stumble as it is facing the highest yields in its history. This is the first time it has traded through borrowing costs being this high, and this isn’t benefiting the asset. The negativity continues, as in early trading, Bitcoin finds itself down another 0.30%, trading around $63K.
The NASDAQ futures markets are up slightly in early Asian trading, as the market momentum continues to be a major driver. With only Canadian economic numbers for the session, the market could be driven by risk appetite more than anything else.
Canadian CPI is due on Monday, with the USD/CAD potentially in focus. The CPI month-over-month is expected to be 0.4%, with Median CPI and Trimmed CPI also coming out. Any miss with these numbers could bring some doubt back into the USD/CAD pair, which has recently rewarded Canada and punished the US due to the recent outperformance of the Canadian economy and the unexpected softness in America.
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