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 goes down, though copper leaps on China PMI data
On Wednesday, gold went down because China posted better than expected PMI figures for May, thus underpinning copper moderately on expected continued surge.
June delivery gold futures sagged 0.16% in New York, hitting $1,260.11. Meanwhile, copper futures tacked on 0.12%, being worth $2.573 a pound.
Overnight, gold rebounded from a one-month peak notwithstanding a soar in safe haven demand amid everlasting geopolitical worries in the European Union, while hawkish comments as for US interest rates from a top Fed representative capped upside momentum.
Gold sank at the beginning of EU trade on Tuesday because worries as for geopolitical uncertainty in Europe relived somewhat, following the publication of the ICM poll for The Guardian, revealing that the Conservative Party held a healthy lead of 45% unlike Labor's 33%, before the general election scheduled for June 8.
Besides this, euro zone finance ministers’ inability to agree on Greek debt relief with the IMF the previous week as well as the prospect of early elections in Italy spurred demand for safe haven gold that restricted losses.
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?
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.