September U.S. manufacturing activity clocked in at 50.9 versus 52.2 expected, growing at its weakest pace since May 2020, a sign that the economy is rapidly weakening.
A reprieve in the bearish trend to start Q4 but can gold bulls push anything more than a retracement? Or will higher rates continue to sink gold prices, longer-term?
Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/GBP-bearish contrarian trading bias.
Chancellor Kwasi Kwarteng announced a U-turn of his controversial tax cut for the UK’s highest earners this morning at the Tory party conference. GBP lifted