XAU/USD DOWN BUT NOT OUT AHEAD OF US PMI DATA
Gold price pulls back from near all-time highs of $2,955, anticipating US PMI data.
The US Dollar attempts a recovery despite sluggish US Treasury bond yields.
Gold remains exposed to upside risks, with a positive daily technical setup.
Despite the correction, gold is on track for an eighth consecutive weekly gain.
GERMAN MANUFACTURING BEATS EXPECTATIONS, SERVICES SECTOR GROWS S&P Global released Germany’s February PMI for manufacturing and services. Manufacturing activity outperformed expectations but remained in contraction. The services sector saw growth for the second consecutive month. Overall, mixed results for Germany’s economic sectors.
CANADA'S RETAIL SALES BEAT EXPECTATIONS IN JANUARY Canada’s retail sales grew by 2.7% in January, surpassing expectations of 1.7% growth. January’s growth follows a 0.7% contraction in December. Positive data signals strong consumer spending.
EUR/USD is trading below 1.0500 on Friday. German and Eurozone data showed only small growth in business activity for February. Investors are waiting for US PMI data for further market direction.
Bitcoin: Its price has been moving between $94,000 and $100,000 since early February. A big price change may happen soon. Ethereum: Showing some strength in the market. Ripple: Struggling to stay stable.