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Correlation between the European currency and gold

Correlation between the European currency and gold | 03 December 2021

03 December 2021, EUR/USD

EURUSD trading plan:

The more hawkish stance of U.S. Federal Reserve officials on stimulus tapering and interest rate rises put the gold on course for a third straight weekly drop. This is a negative signal for the European currency, since assets correlate with each other. The metal has declined 1.1% so far in the week as a number of Fed officials suggested the central bank might accelerate stimulus tapering, with Chairman Jerome Powell saying that decision could be reached in its upcoming policy meeting. U.S. Federal Reserve Bank of Atlanta President Raphael Bostic told the Reuters Next conference on Thursday that it would be appropriate to end the central bank's bond-buying programme by the end of March, allowing the Fed to raise rates.

Investment idea: sell 1.1315 and take profit 1.1251.

David Johnson
Analyst of «FreshForex» company
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