Gold prices extended gains on Friday to their highest level in over a month following key U.S. jobs data that showed the labor market was softening, lifting expectations around a Federal Reserve interest rate cut in September. Spot gold was up 1.3% at $2,385.63 per ounce as of 2:10 p.m. (1810 GMT). Bullion is up
The breakdown of the June jobs report suggests that growth has become increasingly uneven as the labor market shows signs of softening. U.S. nonfarm payrolls grew by 206,000 in June, according to the Labor Department, but the job gains were narrow. Health care and social assistance added 82,400 jobs, while government increased by 70,000 positions.
Despite Pound Sterling’s (GBP) limited reaction to the UK election result, the drop in the value of the US Dollar (USD) over the past couple of sessions has allowed the GBP to move into the position as best performing G10 currency in the year to date, senior FX strategist at Rabobank Jane Foley notes. GBP/USD
The USDCHF is trading to new lows for the week today after rallying into resistance at the start of the trading week (on Monday). That upside resistance came within a swing area between 0.9044 and 0.90565. The subsequent move to the downside did try to find support against its 100-day moving average midweek, but ultimately
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Gold prices extended gains on Friday to their highest level in a month following key U.S. jobs data that showed the labor market was softening, lifting expectations around a Federal Reserve interest rate cut in September. Spot gold was up 1.1% at $2,380.91 per ounce as of 11:08 a.m. (1508 GMT). Bullion is up more
Dollar’s broad-based decline continues in Asian session today as market attention shifts to the highly anticipated US Non-Farm Payroll data. Traders are eager to see a weak report on job and wage growth to reinforce the expectation that the Fed will initiate a rate cut in September. If these expectations are met, we could see
Job seekers attends the JobNewsUSA.com South Florida Job Fair held at the Amerant Bank Arena on June 26, 2024 in Sunrise, Florida. Joe Raedle | Getty Images The unemployment rate for women in the white, Black and Hispanic racial groups rose in June in line with the overall trend, according to data released Friday by
In its Semi-Annual Monetary Policy Report published on Friday, the Federal Reserve (Fed) noted that they have seen modest further progress on inflation this year but added that they still need greater confidence before moving to rate cuts, pre Reuters. Key takeaways “Labor supply and demand resembles period right before the pandemic, when the labor market was
In the kickstart FX video from July 5, 2024, I take a technical look at the three major currency pairs – the EURUSD, USDJPY and GBPUSD. Today the US jobs report was mixed with the June non-farm payroll jobs higher than expectations but revisions to the prior two months of offsetting those gains. The unemployment
USD/JPY 1 min USD/JPY tells a story of a market that isn’t sure what it wants to do with the non-farm payrolls data. The headline beat estimates but it’s clearly a dovish report with large downward revisions, higher unemployment and weak private payrolls. “Overall, it was a softer read on the labor market, albeit not
The week witnessed gains of Rs 900 in gold prices while silver witnessed gains of Rs 2,300 in the same period. MCX gold August futures on Friday opened at Rs 72,455 per 10 grams and silver September futures contracts at Rs 92,171/kg. Gold and silver showed mild profit-taking in a thin-volume session. However, weakness in
Dollar weakened broadly after the release of the US Non-Farm Payroll report, though the initial selloff was far from decisive. June’s employment data showcased a robust labor market with near-average job and solid earnings growth , coupled with just a slight uptick in unemployment rate. However, significant downward revisions to April and May’s job growth
Job seekers attends the JobNewsUSA.com South Florida Job Fair held at the Amerant Bank Arena on June 26, 2024 in Sunrise, Florida. Joe Raedle | Getty Images The U.S. economy again added slightly more jobs than expected in June though the unemployment rate increased, the Labor Department reported Friday. Nonfarm payrolls increased by 206,000 for
The Samsung logo is on display at their pavilion during the Mobile World Congress in Barcelona, Spain, on February 28, 2024. (Photo by Joan Cros/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty Images Shares of Samsung Electronics jumped to their highest level since January 2021 after the South Korean tech giant said it expects
Key points Nvidia briefly became the world’s most valuable company in June, but suffered a record-breaking three-day loss in the same week This was arguably the AI stock’s potential for volatility on full display We explore a more sensible for option for those looking to get in on the AI stock frenzy With the tech
Fundamental Overview The USD yesterday weakened across the board following soft US Jobless Claims and ISM Services PMI reports. Overall, the data didn’t change much in terms of interest rates expectations, but it reinforced the view that the Fed is going to deliver at least two rate cuts by the end of the year. The
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not