The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).
Gold declines as American Senate passes tax bill
On Monday, gold slumped in the beginning of a busy week because market participants shifted from safe-haven assets after the US Senate managed to approve a tax overhaul.
In New York, gold futures hit $1,276.50 per troy ounce, sliding 0.5%, from Friday's close.
Negotiations on reconciling the Senate version and with a separate version already approved by the House of Representatives were expected to burst out a bit later in the week. Therefore, a final bill can be sent to Donald Trump to have it signed. By Christmas republicans hope to reach a compromise.
As the Trump administration stressed, its tax cuts will stimulate surge and drive inflation, potentially ensuring a faster pace of monetary tightening by the Fed.
Gold is extremely sensitive to lifting interest rates.
On December 12-13 the Fed is expected to hold its final policy gathering of 2017, with interest rate futures pricing in a 100% likelihood of a rate lift at that gathering. At least it’s ascertained by Investing.com's Fed Rate Monitor Tool.
However, financial markets turned to be doubtful as for the Fed’s capability of raising rates as much as it would like in 2018 due to worries over the sluggish inflation outlook.
The Organization of Petroleum Exporting Countries will hold a meeting on June 2.
This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.