For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
Gold heads south ahead of American July Job report
On Friday, gold declined, while the evergreen buck was nearly intact ahead of the American July job report expected to be unveiled a bit later in the day.
December delivery gold futures headed south by 0.33% on the Comex exchange being worth $1,216.10 a troy ounce.
Estimating the purchasing potential of the major American currency against its main counterparts, the USD index slumped by about 0.01% hitting 94.99.
As follows from a Reuters poll of financial analysts, in July, nonfarm payrolls probably added by up to 190,000 jobs versus June’s outcome of 213,000.
Evidently, a good jobs report should ensure a straight-forward reaction by the financial markets. It should enable American yields to go up, while backing the evergreen buck.
The evergreen buck gained some support in the previous trading marathon from trade clashes, which resumed once again this week.
On Friday, Wilbur Ross, US Commerce Secretary urged to proceed with clamping down on China unless it agrees to radically change its economic system.
The US statesman told on Thursday that America needs to create a situation where it’s more painful for China to keep implementing their adverse practices against the United States. He added that America will keep increasing the pressure on this Asian country to make China give up the idea of leveling the economic playing field.
The very reason for the duties to start with was to persuade the Chinese government to change its behavior, but instead China dares to retaliate, the statesman complained. That’s why US leader currently feels that it’s high time to apply more pressure on China to get out of this tough situation.
His remark showed up after China dared to accuse America of blackmailing yesterday and that it wouldn’t ever surrender to American trade threats.
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on November 5, 14:30 GMT+2.
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on October 8, 15:30 GMT+3.
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!
The US dollar index breaks one resistance after another. Read the report to learn the next target for the US dollar index!