From Investing.com: 2024-08-16 04:24:00

Gold struggled to maintain gains as positive US economic data showed consumer spending rising unexpectedly and jobless claims dropping to a one-month low. This decreased chances of aggressive rate cuts by the Fed. Fed officials indicated a possible rate cut at the next meeting, supporting gold prices amid global financial market turbulence. XAU/USD remained stable as traders await more US economic reports. A bullish reaction may occur if data is lower than expected, while strong real estate and consumer confidence results could lead to a drop in gold prices.

The Euro slipped against the USD due to strong US retail sales and low jobless claims. Retail sales increased by 1% and unemployment claims were lower than expected, bolstering the USD. Traders anticipate a Fed rate cut in September but are unsure of the extent. EUR/USD rose slightly as traders await the Michigan Consumer Sentiment survey, with soft data potentially pushing the pair towards resistance, while strong data may test support levels.

Bitcoin declined by 2% following higher-than-expected US retail sales and positive jobless claims data. The USD stayed under pressure despite weaker inflation numbers. Senator Schumer aims to pass pro-crypto legislation by year-end if Harris is elected, emphasizing the need for US crypto innovation. Bitcoin traded sideways in the Asian session, with focus on the upcoming US Michigan Consumer Sentiment report. Weekend Bitcoin trading offers advantages due to reduced volatility and market independence from traditional markets, allowing for unique opportunities for traders.



Read more at Investing.com: Gold, Euro Struggle Amid Positive US Economic Data; Bitcoin Declines by 2%