Gold prices edged higher during the North American session as traders braced for the release of the latest Nonfarm Payrolls (NFP) figures in the United States (US), which could be crucial for the direction of interest rates set by the Federal Reserve (Fed). At the time of writing, XAU/USD was trading at $3,348, up 0.29%. The latest jobs report, as revealed by ADP, showed that companies are cutting hiring instead of laying off people as they adjust to the current economic environment. News that Microsoft is cutting 9,000 jobs painted a gloomy outlook for the labor market. On Thursday, the...
Oil futures rose more than 2% on Wednesday as Iran suspended cooperation with the U.N. nuclear watchdog and the U.S. and Vietnam reached a trade deal, but a surprise increase in U.S. crude supplies capped gains. Brent crude rose $1.47, or 2.2%, to $68.58 a barrel by 1:12 p.m. EDT, while U.S. West Texas Intermediate crude gained $1.46, or 2.2%, to $66.91 a barrel. Brent has traded between a high of $69.05 a barrel and a low of $66.34 since June 25, as concerns about supply disruptions in the Middle East eased following a cease-fire between Iran and Israel. Iran enacted a law that...
The euro (EUR) posted a minimal loss of 0.08% against the US dollar (USD), trading below the 1.1800 mark on Wednesday. A worse-than-expected US jobs report raised speculation that the Federal Reserve (Fed) could cut interest rates amid growing fears of a recession in the world's largest economy. Currently, the EUR/USD pair is trading at 1.1795, almost unchanged. On Wednesday, Automatic Data Processing (ADP) announced that private payrolls declined in June, marking the first decline in two years. Although the US dollar initially weakened, it recovered slightly, dragging EUR/USD back below...