Following the previous week’s record-setting rally, Gold staged a correction this week, pressured by recovering US Treasury bond yields.
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In case the SEP shows that policymakers are leaning toward a total of 50 bps rate cuts this year, the market positioning suggests that the initial reaction could provide a boost to the USD. Investors will also pay close attention to inflation forecasts. If the inflation projection for 2024, which was 2.4% in December’s SEP, is left unchanged or revised higher despite a shift toward 50 bps cuts, this could amplify the positive impact on the USD.
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