Gold Nears 3000 as Muted Reaction to Metal Tariffs Fades, Fed Powell in Focus
| Action Insight Daily Report 2-11-25 |
Gold Nears 3000 as Muted Reaction to Metal Tariffs Fades, Fed Powell in Focus |
Dollar is trading is a mildly firmer tone while Gold inches closer to the key 3000 psychological level after US President Donald Trump officially raised tariffs on aluminum and steel imports. However, the broader market reaction has been relatively subdued. Major US equity indexes managed to post modest gains overnight, and 10-year Treasury yield also recovered. Investor sensitivity to trade war escalations has somewhat diminished. The next test will be whether Trump's upcoming reciprocal tariff announcement will trigger a similar lackluster response. In his proclamation on Monday, Trump lifted tariff rate on aluminum to 25% from the previous 10% and eliminating previous country-specific exemptions, including quota agreements and product-specific exclusions for both metals. The measures are set to take effect on March 4. Although Trump insisted there would be “no exceptions,” he later softened the tone and indicated the possibility of an exemption for Australia, citing that nation’s trade deficit with the US. As a result, uncertainty remains over how many countries or products may ultimately be exempt from the higher tariffs.... |
AUD/USD Daily Report Daily Pivots: (S1) 0.6245; (P) 0.6267; (R1) 0.6299; More... AUD/USD is bounded in sideway trading in tight range and intraday bias remains neutral. With 0.6329 resistance intact, outlook will stay bearish. On the downside, break of 0.6239 minor support will turn bias back to the downside for retesting 0.6087 low. However, firm break of 0.6329 will bring stronger rebound to 38.2% retracement of 0.6941 to 0.6087 at 0.6413, even just as a corrective move. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:30 | AUD | Westpac Consumer Confidence Feb | 0.10% | -0.70% | | 00:30 | AUD | NAB Business Confidence Jan | 4 | -2 | | 00:30 | AUD | NAB Business Conditions Jan | 3 | 6 | | 11:00 | USD | NFIB Business Optimism Jan | 104.6 | 105.1 | | 13:30 | CAD | Building Permits M/M Dec | 2.30% | -5.90% |
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