Markets await important economic data this week
Gold rises again in anticipation of US economic data
Continued contraction in the manufacturing sector in the Eurozone
Swiss consumer Price index exceeds expectations
Gold rises again in the first session of the week
Disappointing data weighs on Euro trading
The Euro saw a slight increase in the beginning of the week's trading due to the stability of the US dollar, but disappointing data has since weighed on the currency. The slowdown of inflation in Europe has led to reduced inflationary pressures on central banks, increasing expectations for lower interest rate hikes.
The consumer price index rose by 6.9%, which is lower than the previous reading of 8.5%, while the manufacturing sector in the Eurozone continued to shrink, with data indicating a stabilization of the purchasing managers' index in the sector below 50.00, putting pressure on the European Central Bank.
Swiss Consumer Price Index exceeds expectations
This morning's data showed an annual increase in the Swiss consumer price index of 2.9%, which is lower than the previous reading of 3.4%, and a monthly reading increase of 0.2%, which is lower than the previous reading of 0.7%.
Despite this positive data, the Swiss Franc saw a slight decline against the US dollar in the first days of trading this week, trading near levels of 1.0907 dollars. In March, the Monetary Policy Committee at the Swiss National Bank approved an increase in interest rates by 50 basis points, making the main interest rate in Switzerland 1.50%.
Gold awaits important economic data
Gold closed last week's trading with a sharp decline, but prices rose again during the first session of the week by about 0.22%, trading near levels of $1973 per ounce. However, the continued improvement in risk appetite is preventing the continued rise of the yellow metal.
As concerns about the banking sector crisis dissipate, stock indices have risen sharply, putting pressure on gold. Furthermore, important economic data is expected this week in the manufacturing and service sectors in the United States, as well as data on the labor market sector scheduled to be released next Friday.