Today, the demand for safe assets continues to grow. The dollar is losing in value, as well as the Australian dollar, which was under pressure due to the decision of the RBA to lower the rate, although this step was predictable. Today's reports on the Australian economy were also negative: retail sales decreased by 0.1%, while investors expected retail sales growth in April.
Recent macroeconomic reports in the EU also did not surprise investors: the index of business activity in the construction sector of Britain fell to 48.6 pips, and inflationary processes in the EU are slowing and do not meet forecasts. Nevertheless, the positive news from the EU was due to the good situation in the employment market: the unemployment rate fell by 0.1% in April.
In the afternoon, the speech of the FED head of the US is expected, who will likely to confirm the FED's plans to decrease the rate. This means that the dollar may continue decreasing today against major currencies.
Gold, amid the weakening of the dollar and high demand for safe assets, continued to grow at a much higher rate than expected. In just 3 days, the rise in price was 3.71%. At the same time, there is every reason to expect further growth to the maximum of 2019, reached in February.
