EUR/USD 1.14211
-0.014%
Gold 4017.38
0.020%
Oil 70.054
-0.314%
USD/JPY 161.915
-0.010%
GBP/USD 1.32561
-0.010%
GBP/JPY 214.641
-0.013%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Japans unemployment rate was 2.5% in May, below the expected 2.50% and the previous reading of 2.50%.On June 30th, according to foreign media reports, international oil prices rose on Monday as weekend clashes between the US and Iran highlighted the fragility of the interim peace agreement. Meanwhile, cautious market expectations for a continued recovery in shipping through the Strait of Hormuz limited the potential for further price increases. Sources said that the technical teams from the US and Iran responsible for implementing the interim peace agreement are expected to meet in Doha, the capital of Qatar, in the coming days. Last Thursday, media reports indicated that the amount of crude oil transported through the Strait of Hormuz had risen to its highest level since the start of the US-Israel war against Iran in late February. However, analysts warned that traffic through the Strait of Hormuz is far from fully recovered, keeping oil prices high. Bob Yageer, head of energy futures at Mizuho Bank, said that people are realizing this. Its impossible to move all the crude oil out of the Gulf in the next week or two, nor is it possible to stuff all the crude oil into the strait to restore pre-war levels.Japans May unemployment rate will be released in ten minutes.Conflict Situation: 1. According to RIA Novosti: The Russian Ministry of Defense stated that Russian troops have taken control of Bokhodalivka in eastern Ukraine. 2. Ukraine reported an attack on Dnipro, resulting in 4 deaths and 10 injuries. Peace Negotiations: 1. Kremlin: (Regarding new Ukrainian peace proposals) Our position, as stated by Russian President Putin in 2024, remains unchanged. Other Situations: 1. The United States removed some entities from its sanctions list related to Russia. 2. According to Interfax: Russian Deputy Prime Minister Novak stated that Russia is still considering imposing a diesel export ban. 3. According to RIA Novosti: Russia will take political and military-technical measures in response to Finlands lifting of the ban on nuclear weapons deployment. 4. Russian Foreign Ministry Spokesperson Zakharova: NATO is cooperating with Ukraine to prepare for the development of weapons capable of striking Russian air bases, including those deep within Russian territory. 5. Zelensky: During the Danish Defense Ministers first visit to Ukraine, the two sides discussed preparations for a "drone agreement," which is nearing completion, and both sides agreed that it should be signed as soon as possible. The new Danish government has pledged to continue its firm support for Ukraine.New York silver futures broke through $59 per ounce, up 0.63% on the day.

Gold Price Prediction: XAU/USD struggles to extend gains on encouraging ADP Employment data from the United States

Daniel Rogers

Jan 06, 2023 11:12

 37.png

 

After falling to almost $1,825.00 during the late New York session, the gold price (XAU/USD) has tried a recovery. The precious metal is battling to continue its rebound as robust United States Automatic Data Processing (ADP) Employment Change data has prompted the risk of the Federal Reserve (Fed) maintaining higher interest rate stability for an extended duration.

 

S&P500 suffered a major sell-off from the market participants, displaying a risk-aversion theme, as bigger additions of fresh payrolls in the United States job market will require the Fed to sustain its aggressive position on interest rates for a longer term. This has also caused a possibility of recession in the US economy. The Employment Change (Dec) jumped to 235K in contrast to the predicted 150K and the previous release of 127K. In addition, the weekly Initial Jobless Claims (IJC) have decreased to 204K compared to the expected 225K.

 

The US Dollar Index (DXY) achieved a roaring rally after sustaining above the important resistance of 104.00 and rose to reach 105.00. In addition, 10-year US Treasury yields detected demand and rose to approximately 3.72 percent.

 

Investors will closely monitor Nonfarm Payrolls (NFP) data on Friday. After noticing optimistic signals from ADP Employment Change, it is quite likely that the US NFP will report data that exceeds expectations. The unemployment rate is expected to remain unchanged at 3.7%.


Suggestion