Forex News
The People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead on Thursday at 7.1085 compared to the previous day's fix of 7.1013 and 7.113 Reuters estimate.
PBOC FAQs
The primary monetary policy objectives of the People's Bank of China (PBoC) are to safeguard price stability, including exchange rate stability, and promote economic growth. China’s central bank also aims to implement financial reforms, such as opening and developing the financial market.
The PBoC is owned by the state of the People's Republic of China (PRC), so it is not considered an autonomous institution. The Chinese Communist Party (CCP) Committee Secretary, nominated by the Chairman of the State Council, has a key influence on the PBoC’s management and direction, not the governor. However, Mr. Pan Gongsheng currently holds both of these posts.
Unlike the Western economies, the PBoC uses a broader set of monetary policy instruments to achieve its objectives. The primary tools include a seven-day Reverse Repo Rate (RRR), Medium-term Lending Facility (MLF), foreign exchange interventions and Reserve Requirement Ratio (RRR). However, The Loan Prime Rate (LPR) is China’s benchmark interest rate. Changes to the LPR directly influence the rates that need to be paid in the market for loans and mortgages and the interest paid on savings. By changing the LPR, China’s central bank can also influence the exchange rates of the Chinese Renminbi.
Yes, China has 19 private banks – a small fraction of the financial system. The largest private banks are digital lenders WeBank and MYbank, which are backed by tech giants Tencent and Ant Group, per The Straits Times. In 2014, China allowed domestic lenders fully capitalized by private funds to operate in the state-dominated financial sector.
- WTI price declines to near $63.60 in Thursday’s early Asian session.
- A build of US distillate stocks raises demand worries, weighing on the WTI price.
- Supply-side risks from Russia might cap the downside for the WTI.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $63.60 during the early Asian trading hours on Thursday. The WTI edges lower as data showing an increase in US diesel stockpiles stoked worries about demand. However, the persistent geopolitical tensions might help limit the black gold’s losses.
US crude oil stocks posted a large decline last week, indicating stronger demand. Data released by the US Energy Information Administration (EIA) on Wednesday showed that crude oil stockpiles in the US for the week ending September 12 fell by 9.285 million barrels, compared to a rise of 3.939 million barrels in the previous week. The market consensus estimated that stocks would decline by 1.5 million barrels.
Nonetheless, distillate stocks increased by 4.0 million barrels, raising demand concerns and undermining the WTI price. "Looks like markets are responding on diesel, which is the soft underbelly of the entire complex," said Phil Flynn, a senior analyst at Price Futures Group.
Russian oil supply risks will be closely watched after Ukraine's attacks on Russia's energy infrastructure intensified in recent weeks. Reuters reported earlier on Tuesday that Russia's oil pipeline monopoly, Transneft, which handles more than 80% of the country's oil, warned producers they may have to cut output following Ukraine's drone attacks on critical export ports and refineries. Russian supply disruption risks could lift the WTI price in the near term.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
- NZD/USD faces some selling pressure to around 0.5935 in Thursday’s early Asian session.
- New Zealand's economy contracted 0.9% QoQ in Q2, weaker than expected.
- Fed projected two more cuts before the end of the year.
The NZD/USD pair falls to near 0.5935 during the early Asian session on Thursday. The weaker-than-expected New Zealand Gross Domestic Product (GDP) exerts some selling pressure on the Kiwi against the US Dollar (USD). The US weekly Initial Jobless Claims will be in the spotlight later on Thursday, along with the Philly Fed Manufacturing Index and the CB Leading Index.
Data released by Statistics New Zealand on Thursday showed that the country’s GDP declined by 0.9% QoQ in the second quarter (Q2), compared with a 0.9% expansion (revised from 0.8%) in Q1. This figure came in below the market consensus of -0.3%. On an annual basis, the New Zealand economy contracted by 0.6% in Q2, compared with a fall of 0.6% (revised from -0.7%) in Q1, while missing the estimation of 0%.
The downbeat New Zealand GDP report could reinforce the Reserve Bank of New Zealand’s (RBNZ) stance that it needs to cut the cash rate by 25 basis points (bps) twice more this year. This, in turn, could create a headwind for the pair.
On the USD’s front, the US Federal Reserve (Fed) lowered its benchmark interest rate by a quarter percentage point and penciled in two more reductions this year. The reduction was widely expected, though US President Donald Trump called for a "bigger" cut to benchmark interest rates. Fed Chair Jerome Powell pointed to growing signs of weakness in the labor market to explain why officials decided it was time to cut rates after holding them steady since December amid concerns over tariff-driven inflation.
New Zealand Dollar FAQs
The New Zealand Dollar (NZD), also known as the Kiwi, is a well-known traded currency among investors. Its value is broadly determined by the health of the New Zealand economy and the country’s central bank policy. Still, there are some unique particularities that also can make NZD move. The performance of the Chinese economy tends to move the Kiwi because China is New Zealand’s biggest trading partner. Bad news for the Chinese economy likely means less New Zealand exports to the country, hitting the economy and thus its currency. Another factor moving NZD is dairy prices as the dairy industry is New Zealand’s main export. High dairy prices boost export income, contributing positively to the economy and thus to the NZD.
The Reserve Bank of New Zealand (RBNZ) aims to achieve and maintain an inflation rate between 1% and 3% over the medium term, with a focus to keep it near the 2% mid-point. To this end, the bank sets an appropriate level of interest rates. When inflation is too high, the RBNZ will increase interest rates to cool the economy, but the move will also make bond yields higher, increasing investors’ appeal to invest in the country and thus boosting NZD. On the contrary, lower interest rates tend to weaken NZD. The so-called rate differential, or how rates in New Zealand are or are expected to be compared to the ones set by the US Federal Reserve, can also play a key role in moving the NZD/USD pair.
Macroeconomic data releases in New Zealand are key to assess the state of the economy and can impact the New Zealand Dollar’s (NZD) valuation. A strong economy, based on high economic growth, low unemployment and high confidence is good for NZD. High economic growth attracts foreign investment and may encourage the Reserve Bank of New Zealand to increase interest rates, if this economic strength comes together with elevated inflation. Conversely, if economic data is weak, NZD is likely to depreciate.
The New Zealand Dollar (NZD) tends to strengthen during risk-on periods, or when investors perceive that broader market risks are low and are optimistic about growth. This tends to lead to a more favorable outlook for commodities and so-called ‘commodity currencies’ such as the Kiwi. Conversely, NZD tends to weaken at times of market turbulence or economic uncertainty as investors tend to sell higher-risk assets and flee to the more-stable safe havens.
- GBP/USD briefly touched 11-week highs before a sharp drag back into the low side.
- The Fed delivered a broadly-expected interest rate cut on Wednesday, but policy tone remains apprehensive.
- The BoE now has to follow up its larger cousin with what is expected to be a more measured rate approach.
GBP/USD surged into its highest bids in eleven weeks on Wednesday, bolstered by a spat of broad-market Greenback weakness after the Federal Reserve (Fed) delivered its first interest rate cut of the year, and the dot plot shifted lower to incorporate more rate cuts in the future than the previous Fed meeting.
The Fed's Summary of Economic Projections (SEP)indicated that Fed policymakers foresee more rate adjustments in the near future. The dot plot suggests that most policymakers anticipate interest rates will reach about 3.5-3.75% by the end of the year, with the possibility of two more rate cuts through December.
However, a cautionary appearance from Fed Chair Jerome Powell sharply reversed risk flows after he reminded markets that Fed rate cuts aren't on a predetermined path, and can only continue if the economic data supports it.
The Bank of England (BoE) is set to deliver its own interest rate decision on Thursday. The BoE has big shoes to fill after the Fed took center stage this week, and the BoE’s Monetary Policy Committee (MPC) is widely expected to vote 7-to-2 in favor of keeping rates on hold for the time being.
GBP/USD daily chart
Pound Sterling FAQs
The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE).
The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects.
Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall.
Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
- USD/JPY gains ground to near 146.80 in Thursday’s early Asian session.
- Fed officials lowered their benchmark interest rate by a quarter percentage point and penciled in two more reductions this year.
- The BoJ is expected to leave interest rates unchanged on Friday.
The USD/JPY pair recovers some lost ground around 146.80 during the early Asian session on Thursday. The US Dollar (USD) bounces off the six-week lows near the 146.00 neighborhood against the Japanese Yen (JPY) after the Federal Reserve (Fed) cut interest rates by a quarter of a percentage point.
The Fed decided to cut its benchmark interest rate at its September meeting on Wednesday, the first time since December, and signaled more reductions are likely this year. Fed Chair Jerome Powell pointed to growing signs of weakness in the labor market to explain why officials decided it was time to cut rates after holding them steady since December amid concerns over tariff-driven inflation. Powell also emphasized ongoing concern over inflation pressures resulting from tariffs.
The Greenback receives some support, as Powell said the US central bank is in a "meeting-by-meeting situation" regarding the outlook for interest rates and characterized Wednesday's move as a risk management cut. Powell further stated that he does not feel the need to move quickly on rates.
Japanese Prime Minister Shigeru Ishiba's resignation added a layer of uncertainty in the markets and could fuel uncertainty over the likely timing and the pace of interest rate hikes by the Bank of Japan (BoJ). This, in turn, could undermine the Japanese Yen (JPY) and act as a tailwind for the pair.
The BoJ is expected to keep interest rates steady on Friday. Markets are looking to BoJ Governor Kazuo Ueda's post-meeting press conference for signals on when the BoJ will begin rate hikes, which have been paused since January while officials assess the impact of tariffs. Any hawkish remarks from BoJ policymakers could lift the JPY in the near term.
Japanese Yen FAQs
The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors.
One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013 and 2024 caused the Yen to depreciate against its main currency peers due to an increasing policy divergence between the Bank of Japan and other main central banks. More recently, the gradually unwinding of this ultra-loose policy has given some support to the Yen.
Over the last decade, the BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supported a widening of the differential between the 10-year US and Japanese bonds, which favored the US Dollar against the Japanese Yen. The BoJ decision in 2024 to gradually abandon the ultra-loose policy, coupled with interest-rate cuts in other major central banks, is narrowing this differential.
The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.
- AUD/USD falls from 0.6707 to 0.6652 as Dollar rebounds on Fed decision and Powell’s guarded outlook.
- SEP projects fed funds rate at 3.6% by year-end, with inflation seen easing toward 2% only by 2028.
- Australia expected to add 22K jobs in August, jobless rate steady at 4.2%; US jobless claims next on docket.
The Australian Dollar reversed course on Wednesday, tumbled over 0.48% as the Greenback staged a recovery following the Fed’s decision to cut rates by 25 basis points. Although it usually would be negative for the Dollar, the AUD/USD fell from around 0.6707 to current levels at around 0.6652.
Aussie slides after Fed delivers 25 bps cut with cautious tone; traders eye upcoming Australian jobs report
The decision by the Federal Reserve was not unanimous as Governor Stephen Miran, appointed by US President Donald Trump, voted for a 50 basis points reduction.
The Fed’s statement acknowledged downside risks to the labor market, noting that while unemployment remains low, it has edged higher. On inflation, the central bank said that pressured edged up and remain “somewhat elevated.”
The Summary of Economic Projections (SEP) revealed that most officials estimate the fed funds rates to end at 3.6% in 2025, GDP growth at 1.6% and the Unemployment Rate at 4.5%. Inflation is projected to end at 3%, the Core PCE is foreseen to remain at 3.1% and officials estimate that inflation will hit their 2% target in 2028.
In his presser, Fed Chair Jerome Powell said labor demand “has softened” while inflation remains “somewhat elevated.” He noted that the balance of risks has “shifted” and emphasized that monetary policy is well positioned to respond as needed, though he cautioned that the labor market is “not solid.”
Addressing speculation about a larger move, Powell dismissed the notion, saying there was “no widespread support for a 50-basis-point cut today,” and stressed that the Fed is not in a rush to ease policy.
On the Aussie’s front, traders are eyeing employment data. The Australian Bureau of Statistics (ABS) is expected to announce that the country added 22K new job positions in the month, while the Unemployment Rate is forecast to remain stable at 4.2%. If you are looking for a preview, click here: Australia unemployment rate expected to remain at 4.2% as job market struggles persist
On the US front, the docket will feature the Philadelphia Fed Index, and Initial Jobless Claims for the week ending September 13, with estimates of 240K people filing for new unemployment benefits.
AUD/USD Price Forecast: Upside remains above 0.6625
From a technical view, the AUD/USD remains upward biased if it remains above the previous cycle high of 0.6625, the July 24 peak. Although the Relative Strength Index (RSI) turned flat, shows that bullish momentum remains.
On the upside, key resistance levels lie at 0.6700 and the yearly peak of 0.6707 hit on September 17. On further strength, the next area of supply will be October 21, 2024 peaj at 0.6723. On the flip side, if the Aussie tumbles below 0.6625, up next lies 0.6600 and the 20-day SMA at 0.6575.
Australian Dollar FAQs
One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – is also a factor, with risk-on positive for AUD.
The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3% by adjusting interest rates up or down. Relatively high interest rates compared to other major central banks support the AUD, and the opposite for relatively low. The RBA can also use quantitative easing and tightening to influence credit conditions, with the former AUD-negative and the latter AUD-positive.
China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar (AUD). When the Chinese economy is doing well it purchases more raw materials, goods and services from Australia, lifting demand for the AUD, and pushing up its value. The opposite is the case when the Chinese economy is not growing as fast as expected. Positive or negative surprises in Chinese growth data, therefore, often have a direct impact on the Australian Dollar and its pairs.
Iron Ore is Australia’s largest export, accounting for $118 billion a year according to data from 2021, with China as its primary destination. The price of Iron Ore, therefore, can be a driver of the Australian Dollar. Generally, if the price of Iron Ore rises, AUD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Iron Ore falls. Higher Iron Ore prices also tend to result in a greater likelihood of a positive Trade Balance for Australia, which is also positive of the AUD.
The Trade Balance, which is the difference between what a country earns from its exports versus what it pays for its imports, is another factor that can influence the value of the Australian Dollar. If Australia produces highly sought after exports, then its currency will gain in value purely from the surplus demand created from foreign buyers seeking to purchase its exports versus what it spends to purchase imports. Therefore, a positive net Trade Balance strengthens the AUD, with the opposite effect if the Trade Balance is negative.
New Zealand's Gross Domestic Product (GDP) declined by 0.9% QoQ in the second quarter (Q2), compared with a 0.9% expansion (revised from 0.8%) in the first quarter, Statistics New Zealand showed on Thursday. This reading came in weaker than contraction of 0.3%.
The second-quarter GDP contracted by 0.6% YoY, compared with a fall of 0.6% (revised from -0.7%) in Q1, while missing the estimation of 0%.
Market reaction to New Zealand’s GDP data
The New Zealand Dollar (NZD) attracts some sellers in an immediate reaction to the downbeat New Zealand’s GDP report. The NZD/USD pair is trading at 0.5942, losing 0.34% on the day.
New Zealand Dollar Price Last 7 Days
The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies last 7 days. New Zealand Dollar was the weakest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.90% | -0.72% | -0.29% | -0.51% | -0.88% | -0.23% | -1.12% | |
| EUR | 0.90% | 0.19% | 0.54% | 0.39% | -0.02% | 0.66% | -0.21% | |
| GBP | 0.72% | -0.19% | 0.42% | 0.22% | -0.21% | 0.48% | -0.36% | |
| JPY | 0.29% | -0.54% | -0.42% | -0.13% | -0.65% | 0.05% | -0.52% | |
| CAD | 0.51% | -0.39% | -0.22% | 0.13% | -0.42% | 0.26% | -0.57% | |
| AUD | 0.88% | 0.02% | 0.21% | 0.65% | 0.42% | 0.70% | -0.16% | |
| NZD | 0.23% | -0.66% | -0.48% | -0.05% | -0.26% | -0.70% | -0.69% | |
| CHF | 1.12% | 0.21% | 0.36% | 0.52% | 0.57% | 0.16% | 0.69% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the New Zealand Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent NZD (base)/USD (quote).
This section was published on Wednesday at 20:38 GMT as a preview of New Zealand’s Gross Domestic Product data.
NZ GDP Overview
The latest quarterly Gross Domestic Product (GDP) growth figures from New Zealand are expected just ahead of the Thursday market rollover, at 22:45 GMT on Wednesday.
NZ GDP has struggled to impress markets recently, and the second quarter of 2025 is not expected to deliver much different. QoQ growth is expected to contract by 0.3%, while annualized growth is seen at a flat 0.0%, barely clawing back from a -0.7% contraction in the first quarter.
How could it impact NZD/USD?
It will take a significant swing in either direction to push the Kiwi into a fresh momentum swing. Markets are spent on volatility after the Federal Reserve (Fed) cautiously trimmed interest rates for the first time in almost ten months, and there are little surprises on offer from middling Antipodean growth metrics.
NZD/USD broke out of a messy descending channel on daily candlesticks, but the 0.6000 level remains a tricky barrier for price action to vault over, and bullish momentum is likely to remain capped as bids wrestle to stay above the 200-day Exponential Moving Average (EMA) near 0.5933.
NZD/USD daily chart
Economic Indicator
Gross Domestic Product (QoQ)
The Gross Domestic Product (GDP), released by Statistics New Zealand on a quarterly basis, is a measure of the total value of all goods and services produced in New Zealand during a given period. The GDP is considered as the main measure of New Zealand’s economic activity. The QoQ reading compares economic activity in the reference quarter to the previous quarter. Generally, a high reading is seen as bullish for the New Zealand Dollar (NZD), while a low reading is seen as bearish.
Read more.Next release: Wed Sep 17, 2025 22:45
Frequency: Quarterly
Consensus: -0.3%
Previous: 0.8%
Source: Stats NZ
The Gross Domestic Product (GDP), released by Statistics New Zealand, highlights the overall economic performance on a quarterly basis. The gauge has a significant influence on the Reserve Bank of New Zealand’s (RBNZ) monetary policy decision, in turn affecting the New Zealand dollar. A rise in the GDP rate signifies improvement in the economic conditions, which calls for tighter monetary policy, while a drop suggests deterioration in the activity. An above-forecast GDP reading is seen as NZD bullish.
GDP FAQs
A country’s Gross Domestic Product (GDP) measures the rate of growth of its economy over a given period of time, usually a quarter. The most reliable figures are those that compare GDP to the previous quarter e.g Q2 of 2023 vs Q1 of 2023, or to the same period in the previous year, e.g Q2 of 2023 vs Q2 of 2022. Annualized quarterly GDP figures extrapolate the growth rate of the quarter as if it were constant for the rest of the year. These can be misleading, however, if temporary shocks impact growth in one quarter but are unlikely to last all year – such as happened in the first quarter of 2020 at the outbreak of the covid pandemic, when growth plummeted.
A higher GDP result is generally positive for a nation’s currency as it reflects a growing economy, which is more likely to produce goods and services that can be exported, as well as attracting higher foreign investment. By the same token, when GDP falls it is usually negative for the currency. When an economy grows people tend to spend more, which leads to inflation. The country’s central bank then has to put up interest rates to combat the inflation with the side effect of attracting more capital inflows from global investors, thus helping the local currency appreciate.
When an economy grows and GDP is rising, people tend to spend more which leads to inflation. The country’s central bank then has to put up interest rates to combat the inflation. Higher interest rates are negative for Gold because they increase the opportunity-cost of holding Gold versus placing the money in a cash deposit account. Therefore, a higher GDP growth rate is usually a bearish factor for Gold price.
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