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    Euro rises despite а stronger dollar

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    Investors stay nervous as tensions escalate

    Investors start the week on a cautious note

    Equity markets mixed ahead of the weekend

    Markets struggle for direction ahead of the weekend

    Stocks climb marginally, pressuring the greenback

    Investors welcome cooling inflation, dollar sags

    Yellen failed to spook global markets

    Risk-off tone dominates global markets

    Stocks making recovery attempts, markets remain unstable

    Stock markets little changed amid cautious trades

    A mixed start to the week in the global markets

    Markets mixed after strong US jobs data

    Stock markets rebound on strong corporate earnings

    Markets look tepid ahead of NFP data

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Home » Gold struggles amid positive risk sentiment and a stronger dollar

Gold struggles amid positive risk sentiment and a stronger dollar

The greenback continues to regain ground nearly across the board

by Stephen Soo
March 31, 2020 06:26
in Fundamental analysis
0
The greenback continues to regain ground nearly across the board

US stock markets ended solidly higher on Monday, with Dow Jones adding over 3% during the session despite the sharp increase in coronavirus cases in the United States. Johnson & Johnson rallied 8.0% after announcing that it would begin human trials by September for a vaccine for the coronavirus. In Asia, equities were mixed-to-positive on Tuesday. China’s Shanghai Composite gained just 0.11% by the end of the session despite the official manufacturing PMI for March came in at 52.0 versus 45 expected. Japan’s benchmark Nikkei 225 lost 0.8% while Australia’s S&P/ASX 200 shed 2.0%. 

Meanwhile, European stocks opened higher and are now on track for their seventh gain in nine sessions amid slowing growth in new coronavirus cases and progress on a vaccine. Also, the unexpectedly strong data out of China helped to lift investor sentiment. The pan-European Stoxx 600 climbed nearly 2.0% in early trade. On the data front, Spain’s GDP grew by 0.4% in the fourth quarter, below an earlier flash estimate of 1%. Anyway, traders have nearly ignored the release as the numbers are outdated already. Eurozone March preliminary CPI came in at+0.7% versus +0.8% y/y expected. 

In currency markets, the dollar continues to regain ground nearly across the board, sending the euro to the 1.0970 area. After a break below the 1.10 handle, the short-term technical picture has deteriorated somewhat, as the pair is now back under the key moving averages that act as resistance levels again. Should the common currency fail to hold around the current levels, the 1.0950 intermediate support will come into traders’ focus. 

Meanwhile, gold prices have accelerated the decline amid broad dollar strength. The precious metal failed to confirm a break above $1,640 last week and switched into a corrective mode, now threatening the $1,600 psychological level. If the selling pressure persists in the near term, the bullion may get below this handle and retarget the $1,590 area. Positive risk sentiment adds to a bearish bias in gold prices today. However, a longer-term outlook for the yellow metal remains positive as the coronavirus turmoil is far from over at this stage.  

Tags: DOW JONESGoldNikkeiStoxx 600
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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