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Gold prices fell to a two-week low on Thursday as signs of easing trade tensions boosted risk appetite and reduced golds safe-haven appeal, while a stronger dollar also weighed on gold prices. "The market remains confident that the United States will soon sign a lower tariff agreement with other countries, and this optimism, coupled with a stronger dollar, is weighing on gold prices," said Giovanni Staunovo, an analyst at UBS. Investors are waiting for Fridays non-farm payrolls report to gain further insight into the Feds policy direction. "A weak jobs report should support the Feds calls for further rate cuts this year and push gold prices back to $3,500 an ounce in the coming months," said Giovanni Staunovo.On May 1, institutional analysis pointed out that gold futures plummeted due to easing trade tensions and declining safe-haven demand. The strengthening of the US dollar further dampened enthusiasm for gold as a safe-haven asset and made dollar-denominated commodities more expensive for international buyers. The United States is likely to reach a trade agreement, and market optimism and risk appetite are rising. However, further losses may be limited because expectations of interest rate cuts have also been raised after the United States released a series of weak economic data. The US economy contracted by 0.3% in the first quarter. Lower interest rates usually stimulate demand for non-interest-bearing gold.Ukraines Foreign Minister: The EUs top diplomat has been informed of the mineral agreement reached with the United States.According to the Wall Street Journal: Citigroup hired Trumps former trade chief Robert Lighthizer.According to the Wall Street Journal: The U.S. government has commissioned L3Harris to completely transform a Boeing 747 once used by the Qatari government.

AUDJPY continues to struggle around 94.00 despite solid Aussie jobs data

Daniel Rogers

Nov 17, 2022 11:45

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The AUDJPY pair has stayed firm around 94.00 despite the release of bullish Australian employment data. Compared to the projected 15k and the preceding release of 0.9k, the Australian Bureau of Statistics announces that the economy has added 32,200 new jobs to the payroll market. In addition, the unemployment rate has decreased from 3.6% to 3.5% to 3.4%.

 

Australian employment numbers that surpass expectations will impress the Reserve Bank of Australia (RBA). This will allow RBA Governor Philip Lowe to continue steadily hiking rates. In light of this week's release of the RBA's minutes, the central bank will maintain a rate hike structure of 25 basis points (bps) because policymakers believe the Official Cash Rate (OCR) has already been hiked in a short amount of time.

 

Nevertheless, the inflation rate has not yet reached its high, as a historic increase in price growth observed in the third quarter indicates. The Australian inflation rate increased to 7.3%, exceeding the consensus expectation of 7.0%. This prompted the RBA to hike its projected interest rate to 8%. In addition to producing increasing price pressures, a limited market is responsible for the robust purchasing power of households.

 

As Russia-Poland tensions have largely calmed and no further developments are anticipated, the risk profile is expected to diminish.

 

On the Tokyo front, an unexpected decline in Gross Domestic Product is haunting investors. In contrast to expectations of a 0.3% increase, Japan's gross domestic product decreased 0.3% in the third quarter. We were surprised by the q/q decline in the third quarter because we underestimated the impact of higher inflation, the summer wave of COVID-19 infections, and a significant weakening of the yen, which exacerbated the nation's already soaring import costs.

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