Bullish Gold & Silver Appear Favorable to NZD

WikiFX News (5 Aug) - On Tuesday, gold and silver saw aggressive price growth while USD was still in recession. Moreover, New Zealand‘s latest data of declined unemployment rate inspired NZD/USD to amplify the previous day’s gain.

Gold and silver prices both rose sharply on Tuesday. Gold ended higher 2.16% and pushed up to a fresh all-time-high by penetrating the $2,000 barrier, while silver closed above 7%. In terms of forex currency, CAD climbed closely after the risk-sensitive AUD .

According to New Zealand jobs report for Q2, its unemployment rate decreased to 4%, far lower than the 5.6% estimate. The data inspired NZD/USD to extend the gains in the previous trading session.

If the recent risk-on tilt continues, growth-linked currencies as well as cycle-sensitive commodities such as crude oil may edge up. Meanwhile, risk-on tilt may further suppress the appeal of the haven-lined USD and anti-risk JPY.

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