Overnight Market Review (2022.7.11) After the US released strong non-farm payroll data last Friday, investors are now focusing on Wednesday’s inflation report. Economists forecast a year-on-year increase of 8.8 percent in June’s consumer price index, according to a Reuters poll, but monthly core inflation is thought to have slipped to 5.8 percent from 6.0 percent in May.
During the Asian-European session, spot gold fluctuated within a narrow range and is currently trading near the 1740 mark. The strong dollar and the prospect of the Fed raising interest rates are still suppressing the price of gold. After the U.S. non-farm payrolls report for June was released last week, Fed officials reinforced expectations for a 75 basis point rate hike by the Fed in July, and the market expects the U.S. CPI to remain at a multi-decade high in June.
Trading strategy deployment: it is recommended to go short at high levels
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