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British Pound hits a Three-Decade Low

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On Tuesday, Gold fell as much as 2% to its lowest level since the UK’s shock vote, as a bounce in USD after optimistic U.S. data triggered the yellow metal to the psychological level of $1,300.

Also on Tuesday, the greenback touched a 13-day high vs. a basket of major currencies on bets for an increase in U.S. interest rates before the end of the year. The precious metal traded below $1,270 in anticipation of the U.S. nonfarm payroll report later on this week. Gold is likely to face some correction after a wave of sharp decline and decline to $ 1,290.

The U.S. dollar touched a 13-day high vs. a basket of major currencies backed by strong U.S. manufacturing sector. The U.S. dollar index hit 96 pips yesterday.

GBP fell as much as 1% negatively affected by Theresa May's Brexit speech at the Conservative conference last Sunday. Technically, Cable could decline further to $1.25 during the coming period.

Euro settled vs. USD and pared its losses as policymakers at the European Central Bank were looking at winding back its trillion-dollar bond-buying programme, a report said. Fiber settled at $1.12 vs. USD.

U.S. crude surged to $49 as investors continue to weigh the probability of a supply deal by the members of OPEC. Technically, crude could touch $50 by the end of the week.

The most important economic events:

  • USD ISM Non-Manufacutring Composite (SEP): (GMT 16:00) Important – Forecast (53.0) – Previous (51.4).
  • USD DOE U.S. Crude Oil Inventories (SEP 30): (GMT 16:00) Medium – Forecast (1750k) – Previous (-1882k).
  • USD Factory Orders (AUG): (GMT 16:00) – Medium – Forecast (-0.2%) – Previous (1.9%).

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