Markets are not paying too much attention to the downgrading of interest rate cuts from the Fed and strong US economic data, as the USD is falling from the weakening of government bond yields.
U.S. Treasury yields are extending their decline, as markets anticipate a major auction of U.S. 10-year Treasury notes later on Wednesday. These factors are helping Gold prices to stabilize.
In the absence of many economic data releases from the US, the focus will continue to be on Fed speeches, Wall Street sentiment and developments in the Chinese market. Traders await China's inflation data this Thursday for fresh information on the state of the economy. Fed policymakers Barkin, Bowman and Kugler are scheduled to speak later in the day.
CME Group's FedWatch tool shows that markets are currently pricing in a roughly 20% chance of a rate cut in March, compared with a 68.1% probability at the beginning of the year. Meanwhile, the possibility of the Fed cutting interest rates in May is currently at 65%.
U.S. Treasury yields are extending their decline, as markets anticipate a major auction of U.S. 10-year Treasury notes later on Wednesday. These factors are helping Gold prices to stabilize.
In the absence of many economic data releases from the US, the focus will continue to be on Fed speeches, Wall Street sentiment and developments in the Chinese market. Traders await China's inflation data this Thursday for fresh information on the state of the economy. Fed policymakers Barkin, Bowman and Kugler are scheduled to speak later in the day.
CME Group's FedWatch tool shows that markets are currently pricing in a roughly 20% chance of a rate cut in March, compared with a 68.1% probability at the beginning of the year. Meanwhile, the possibility of the Fed cutting interest rates in May is currently at 65%.
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