Gold, AUD, CAD gain as US dollar slips on Fed rate cut uncertainty
The US dollar is weakening against commodity currencies and gold as uncertainty grows around the timing of Fed rate cuts. AUD/USD has climbed 0.5% to 0.6780, USD/CAD fell 0.3% to 1.3420, and gold prices rose 0.6% to $1,975/oz. Recent disappointing US data, including higher initial jobless claims (242K vs. 235K expected) and a miss on the Philly Fed Manufacturing Index (-10.4 vs. -5.0 expected), have cast doubts on the strength of the US economy and the Fed's rate path. USD/JPY has slipped 0.2% to 138.80. Traders should monitor upcoming Fed speakers for hints on the rate outlook and watch key support/resistance levels: AUD/USD (0.6800), USD/CAD (1.3400), and gold ($1,985). A more dovish Fed tone could further pressure the dollar.
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