Gold Price SOARS on Geopolitical Tensions and Red Sea Attacks
Today kicked off with gold soaring 2%, spurred by a significant happening in the global arena - I'll dive into this topic deeper in the webinar tomorrow. Investors are flocking to safe havens, as usual, and gold remains a top choice.
Moving on to this week's news calendar: we've just witnessed Australian retail sales meeting expectations, clocking in at -0.2%. This suggests a bit of conservative spending in society, possibly due to preparations for the upcoming festive season. Expectations for tomorrow's RBA meeting hint at a steady 4.85%, indicating no rate hikes anticipated.
Mark your calendars for Wednesday's RBA rate statements and other key events like the US services and non-manufacturing PMI, job openings data, Australia's year-over-year GDP on Thursday, and the Bank of Canada's rate decision, leaning towards a pause.
Friday brings significant releases including Japan's GDP and Germany's CPI, both critical markers given Germany's significant influence in Europe. Keep an eye out for the initial jobless claims and the anticipated NFP release on Saturday.
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