🚨 Trump Reportedly Weighs Firing Fed Chair Powell
According to a CBS News report citing multiple sources, former US President Donald Trump asked GOP lawmakers in a recent Oval Office meeting whether he should fire Federal Reserve Chairman Jerome Powell.
Several attendees indicated that Trump appears likely to go through with it.
💥 Market Reaction: The US Dollar weakened sharply following the news. The USD Index (DXY) dropped 0.55%, currently trading near 98.10.
According to a CBS News report citing multiple sources, former US President Donald Trump asked GOP lawmakers in a recent Oval Office meeting whether he should fire Federal Reserve Chairman Jerome Powell.
Several attendees indicated that Trump appears likely to go through with it.
💥 Market Reaction: The US Dollar weakened sharply following the news. The USD Index (DXY) dropped 0.55%, currently trading near 98.10.
🟡 GOLD (XAU/USD) Market Update
Gold is trying to break above the $3,378 level.
If successful, we may see a move towards the psychological level of $3,400,
followed by the next resistance at $3,451.
Key Drivers:
🔸 Gold price rises to around $3,374 due to mild USD correction
🔸 Traders reduce Fed rate cut expectations after June CPI report
🔸 Trump’s tariffs are starting to impact the US economy
📊 Keep an eye on price action — a breakout could lead to strong bullish momentum.
Gold is trying to break above the $3,378 level.
If successful, we may see a move towards the psychological level of $3,400,
followed by the next resistance at $3,451.
Key Drivers:
🔸 Gold price rises to around $3,374 due to mild USD correction
🔸 Traders reduce Fed rate cut expectations after June CPI report
🔸 Trump’s tariffs are starting to impact the US economy
📊 Keep an eye on price action — a breakout could lead to strong bullish momentum.
📊 Gold (XAU/USD) Analysis
Gold showed a slight recovery after dipping to a nearly 3-week low, supported by safe-haven demand. However, the momentum still lacks strong bullish conviction ahead of the FOMC Minutes.
Key points to note:
🔹 Diminishing odds of a jumbo Fed rate cut are keeping the USD firm, which could limit gold’s upside.
🔹 Ongoing Russia-Ukraine peace hopes may also act as a headwind for XAU/USD.
📉 Personally, I see the market leaning towards bearish pressure soon unless we get a strong fundamental shift.
On Wednesday, the market closed at $3348.
Stay cautious — volatility may increase around FOMC updates! ⚡️
Gold showed a slight recovery after dipping to a nearly 3-week low, supported by safe-haven demand. However, the momentum still lacks strong bullish conviction ahead of the FOMC Minutes.
Key points to note:
🔹 Diminishing odds of a jumbo Fed rate cut are keeping the USD firm, which could limit gold’s upside.
🔹 Ongoing Russia-Ukraine peace hopes may also act as a headwind for XAU/USD.
📉 Personally, I see the market leaning towards bearish pressure soon unless we get a strong fundamental shift.
On Wednesday, the market closed at $3348.
Stay cautious — volatility may increase around FOMC updates! ⚡️
📊 GBP/USD Quick Outlook
USD started the week strong ahead of Powell’s Jackson Hole speech. Markets trimmed Fed cut bets to ~52 bps for 2025.
UK CPI jumped to 3.8% (vs 3.6%), keeping BoE under pressure with sticky inflation.
GBP/USD trades near 1.3480, recovering after early USD strength.
Focus next: Fed Minutes + Powell’s tone. If Wall Street stays bullish, pair may push higher.
⚡️ Bias: Short-term bullish above 1.3500, but Fed signals will set the direction.
USD started the week strong ahead of Powell’s Jackson Hole speech. Markets trimmed Fed cut bets to ~52 bps for 2025.
UK CPI jumped to 3.8% (vs 3.6%), keeping BoE under pressure with sticky inflation.
GBP/USD trades near 1.3480, recovering after early USD strength.
Focus next: Fed Minutes + Powell’s tone. If Wall Street stays bullish, pair may push higher.
⚡️ Bias: Short-term bullish above 1.3500, but Fed signals will set the direction.