EUR/USD 1.15975
0.198%
Gold 4360.29
0.602%
Oil 84.263
-0.053%
USD/JPY 159.089
-0.326%
GBP/USD 1.35544
0.171%
GBP/JPY 215.640
-0.147%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Iranian Parliament Speaker Ghalibaf: Let everyone be clear, we will never back down before we achieve our goal.On August 19, Irans Fars News Agency, citing sources, reported that Iran has not engaged in any direct dialogue with the United States following the US violation of the Iran-US memorandum of understanding. A source close to the negotiating team stated that talks between Iran and the US have been suspended following the US breach of the memorandum. The talks between Iran and Oman regarding the Strait of Hormuz are unrelated to the US. According to a CNN report on August 18, US President Trump has instructed his negotiating team to cease contact with Iran. The report, citing US officials, stated that Trump is dissatisfied with Irans unwillingness to meet his demands and hopes to resume contact only after Iranian leaders demonstrate a renewed willingness to reach the agreement he seeks.August 19th - Data released by the European Central Bank on Wednesday showed that the eurozones current account surplus widened in June, primarily driven by increased primary income, including capital flows such as dividends, wages, and direct investment. The seasonally adjusted eurozone current account surplus rose to €35.1 billion ($40.7 billion) in June from €25.8 billion in the previous month. The unadjusted figure showed a surplus of €46.9 billion, while the deficit was €6.1 billion. In the 12 months ending in June, the eurozones balance of payments surplus as a percentage of GDP narrowed to 1.7% from 2.0% in the previous 12 months.S&P: SK Hynixs positive rating outlook reflects our view that there is a high probability of significant expansion in the size and profitability of the storage industry.S&P: The likelihood of reduced volatility in the memory market is increasing, and long-term contracts will generate substantial revenue.

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