Gold & USD Index React to Fed Rate Cut Expectations; EUR/USD & GBP/USD Eye Moves
Gold prices surged to new record highs above $2,680 per ounce, gaining 1.2% as traders increased bets on Federal Reserve rate cuts. The US Dollar Index (DXY) weakened 0.4% to 100.85, pressured by dovish Fed expectations and softer economic outlook. EUR/USD climbed 0.35% to 1.1180, benefiting from dollar weakness and steady Eurozone fundamentals. GBP/USD advanced 0.45% to 1.3420, supported by expectations of slower Bank of England rate cuts compared to the Fed. Markets are pricing in a 65% probability of a 50-basis-point Fed cut in November, up from 45% last week. Technical indicators show EUR/USD facing resistance at 1.1200, while GBP/USD targets 1.3450. The dollar's weakness could accelerate if upcoming US employment data disappoints, potentially pushing gold toward $2,700 and lifting major pairs further.
Related Symbols:
EURUSD
GBPUSD
DXY
XAUUSD
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