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22 Apr 2025

Gold: Another new high – OCBC

XAU/USD surged to another fresh highs as Trump doubled down on threats against Powell, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Bias remains bullish until it turns

"Trump said in a social media post on Monday that 'there is virtually No Inflation', pointing to lower energy and food prices. 'But there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW', Trump said, referring to Powell."

"We previously shared that firing Powell or interfering with the Fed not only undermines the principle of central bank independence, but also risks politicising the US monetary policy in a way that markets will find unsettling. If the credibility of the Fed (central bank independence) is called into question, it could erode confidence in the USD and accelerate the flow for safe haven gold."

"XAU was last at 3465 levels. Momentum is bullish while RSI rose into overbought conditions. Bias remains bullish until it turns. Next resistance at 3500, 3600 levels. Support at 3420, 3350 levels."

Apr 22, 2025

DXY: Short covering Soon? – OCBC

Dollar Index (DXY) continued to trade near recent lows and was last seen trading at 98.44, OCBC's FX analysts Frances Cheung and Christopher Wong note.
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Apr 22, 2025

USD/JPY: Stay short into Kato-Bessent meeting – OCBC

USD/JPY continues to trade with a heavy bias as broad USD softness persists. Pair was last at 140.34 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
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