The US Payrolls Bring New Hope for Gold
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 rebounds from 6-week maximums ahead of Powell hearing
On Tuesday, gold declined, rebounding from the previous session's six-week maximum because market participants waited for comments from the next governor of the Fed for new clues on the probable trajectory of US monetary policy.
Gold futures dived 0.2% showing an outcome of $1,292.80 a troy ounce. In the previous trading session the precious commodity demonstrated its best level since October 16 hitting $1,299.00.
On Monday, gold managed to settle higher, gaining some support from recent weakness of the US dollar index.
A bit later on Tuesday, Jerome Powell, picked by Donald Trump as the next Fed Governor, is scheduled to appear before the Senate Banking Committee for his confirmation hearing – it’s expected to provide some insight into how the new Fed Chair intends to lead the key US bank.
Financial markets are doubtful as for the Fed’s ability to lift rates soon considering the sluggish inflation outlook.
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Increased Volatility is Coming
The Reserve Bank of Australia (RBA) will make a statement and release a Cash Rate on February 7, 05:30 GMT+2. It's among the primary tools the RBA uses to communicate with investors about monetary policy.
Market Crash Incoming?
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.
What Currency Will Overperform?
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.
