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Policymakers of the Reserve Bank of Australia said more interest rate hikes will be needed in the process of normalizing monetary policy over the months ahead, the minutes of the meeting held on August 2 showed Tuesday.

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New York manufacturing activity has unexpectedly seen a substantial contraction in the month of August, according to a report released by the Federal Reserve Bank of New York on Monday. The New York Fed said its general business conditions index plummeted to a negative 31.3 in August from a positive 11.1 in July.

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Japan's gross domestic product expanded an annualized 2.2 percent on year in the second quarter of 2022, the Cabinet Office said in Monday's preliminary reading.

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Gold prices surged after economic data fueled Fed pivot bets. XAU's rally, fueled partly by short covering, may end soon, especially if the Fed sends a stronger response to ardent investors.
The weekly price was bounced from 200 SMA at 1680 to above for the primary bullish trend to be resume if the price breaks 1814 resistance level to above with 1878 possible target to re-enter in the long term sotuation.

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Germany's wholesale price inflation slowed for the third straight month in July but remained at an elevated level due to higher raw material costs, Destatis reported Monday.

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