The Bank of Canada (BoC) held at 2.25% on Wednesday for a seventh straight meeting and rewrote the one paragraph that still argues against a hike. In July, the BoC’s statement called the labour market soft and pinned the unemployment rate inside a 6.5%-7% range it had held since the end of 2024.
Since the start of 2024, the hyperscale data centre industry has announced 148 gigawatts of capacity. It has 12.3 gigawatts operational.
Base case: while above the 200-day SMA near 0.6980, spot should maintain the constructive stance. Of note is that the pair is navigating close to the overbought zone, which carries the potential to, eventually, trigger a “technical” correction.
The US Dollar (USD) remains under selling pressure on Thursday, as investors juggle with risk-related headlines and little guidance from macroeconomic data. Spot Gold benefited from broad USD weakness and surpassed the $4,500 level during American trading hours.
Gold is building on its recovery from four-week troughs below $4,300, with buying aiming to recapture the key near-term resistance at around $4,450 early Thursday.
The XAU/USD pair trades around $4,360, up on Wednesday after bottoming at $4,282 during Asian trading hours. The US Dollar (USD) maintained its positive tone throughout the first half of the day, but changed course early in the American session, helped by two external factors.