Gold Price is finding solace in a risk-on setting, key events eyed – by fx_ross Gold Commodities Fed ECB DollarIndex
meets on July 26-27. The ECB has firmly telegraphed a 25bps rate hike and while it is unlikely to surprise, the meeting will coincide with news related to the Nord Stream pipe. After a shutdown, gas is supposed to resume flowing. However, Berlin is growing concerned that Moscow may not resume the flow of gas as scheduled. Russia's Gazprom declared force majeure on gas supplies to Europe to at least one major customer, in a letter dated July 14 and seen by Reuters at the start of this week.
As for US PMIs, analysts at TD Securities explained, ''business surveys fell markedly in June, led by broad declines in the S&P Global PMIs. The manufacturing index, in particular, posted a large retreat to 52.7 from 57.0 in May.''''While we look for relief in the pace of declines in the mfg PMI, we still expect it to register a new drop in the flash estimate. Conversely, we expect a steady number for the services index after recent declines.
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