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 moves up in Asia on Fed dovish tone
On Thursday, gold strengthened in Asia because market participants considered the Fed’s May meeting minutes to be dovish.
June delivery gold futures jumped 0.50% in New York, trading at $1,259.38 a troy ounce. As for copper futures, they tumbled 0.19%, being worth $2.584.
Overnight, gold didn’t change because market participants parsed the Fed minutes for probable changes in the outlook regarding the path of American interest rate lifts, right after the recent bunch of economic data demonstrated a slowdown in American economic activity in the first quarter.
American economic surge, measured by GDP, tacked on by annualized rate of 0.7% for the first three months of this year. Since 2014 it turned to be the slowest period of first-quarter surge.
In spite of the fact, the American labor market kept demonstrating signs of strength, as unemployment went down to 4.4%, which is the lowest outcome since 2007, in April the overall rate of inflation dropped to 2.2% from a high of 2.7% hit in February.
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?
Saudi Arabia agreed to cut oil production. What will happen with the oil price now?
The situation on the labor market still looks optimistic. Today we expect the Unemployment rate data. 3.5% is expected.
The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.