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EUR/USD ends week flat, unable to break 1.1000
EUR/USD is about to end a five-week positive streak with a slight loss. The Euro failed to rise above 1.1000, but it held above 1.0900, despite some bouts of dollar strength, including on Friday after the upbeat US S&P Global PMI figures.
Gold steadies around $1,980; down $20 for the week
Gold price bottomed at $1,971 on Friday, after the release of better-than-forecast US S&P Global PMI; and then rebounded to $1,980. The yellow metal dropped $20 from the level it had a week ago, suffering the worst weekly fall since February.
Global Growth Prospects Continue to Improve
Given the sheer size and influence of China’s economy, upward revisions to China’s growth outlook can have positive implications around the world and boost our global GDP forecast. With China’s economic rebound still intact, another global GDP growth upward revision could be forthcoming.
The United States Commodity Futures Trading Commission (CFTC) released its latest net positions report for gold on Friday, showing a decrease in net positions from the previous week. According to the report, net positions on gold contracts decreased to $189.9K as of April 10th, down $2.8K from the previous week’s level of $192.7K.
The report showed that long positions in gold contracts for the U.S. dollar decreased slightly from the previous week, down to 4,816 contracts from 4,943 the week prior. Meanwhile, short positions increased from 5,534 contracts to 5,674.
The CFTC’s gold report indicates a slight decrease in net positions from the previous week, although the difference is marginal. The report suggests that investors are taking a wait and see approach in relation to gold prices, with no clear trend emerging either for or against the yellow metal.
Gold prices have remained relatively stable over the past few weeks, with prices hovering around the $1,700-per-ounce level. Analysts expect gold prices to remain in a range between $1,650 and $1,750 due to a lack of direction in the market.
Overall, the CFTC’s report suggests that investors are taking a cautious approach to gold prices at present, with positions decreasing slightly week-on-week. With no clear direction emerging in the market, investors are likely to remain on the sidelines for the time being.