The greenback rebounded on Thursday, amid fears that a resurgence in the coronavirus could slow a global economic recovery. Meanwhile, US/China tensions remain elevated, with murmurs that a new Cold War is emerging between the superpowers.
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Gold hovered around the key psychological level of 1,800 in early trading on Tuesday as global coronavirus cases continue to soar and Sino-US disharmony escalated over China’s pursuit of offshore resources in the South China Sea.
The US dollar and other safe haven assets were supported in early trading on Friday amid concerns over the spread of the conoravirus pandemic and a slower than expected economic recovery.
A bullish golden cross (50-period SMA crossing above the 200-period SMA) has formed on the AUD/USD daily chart. The Aussie has been supported by upbeat Chinese and Australian data, while the US dollar lost some of its safe haven appeal amid positive US and European economic data.
Learn about the fascinating world of market cycles in this interview with the globally recognized expert Andrew Pancholi.
The Australian dollar and the S&P/ASX 200 stock index were shaken after White House trade adviser and outspoken China critic Peter Navarro said the trade deal between Washington and Beijing was “over”.
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Gold prices inched higher in early trading on Thursday, as an increase in coronavirus cases threatened to derail economic recovery from the pandemic. A more dovish than expected June FOMC meeting has also bouyed the yellow metal.