[MARKET UPDATE] Spot gold resumes downside, USD rises as US traders arrive
Importance
Level 1
- Gold has been under pressure (albeit paring losses throughout the European morning) while USD has regained poise; traders have cited articles over the weekend that suggest incoming Fed chief Warsh is hawkish on the Fed balance sheet.
- Others have suggested that his appointment helps to restore US policy credibility, amid some recent concerns of USD debasement due to US government pressure on the Fed to pursue lower rates despite inflation above target and growth metrics running at a solid pace.
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