Gold (XAU/USD) kicks off the week on a cautious note, trading flat to slightly higher on Monday, as the US Dollar (USD) stabilizes but remains under pressure in the aftermath of Friday's disappointing Nonfarm Payrolls (NFP) report. At the time of writing, the yellow metal is hovering near $3,375 during American trading hours, having bounced from an intraday low of $3,345, as traders remain cautious amid fragile sentiment and shifting Federal Reserve (Fed) interest rate cut expectations. July's jobs report delivered a clear downside surprise. The data has meaningfully increased the...
The GBP/USD rallies for the second straight day, up by 0.12% following a dismal jobs report in the United States (US). The data prompted investors to price in a rate cut by the Federal Reserve at the upcoming September meeting. The pair trades at 1.3289, after bouncing off daily lows of 1.3253. Last week, the 258K revision to Nonfarm Payroll figures for May and June, along with July's 73K print, below forecasts of 110K, weighed on the Dollar amidst fears that the labor market begins to show some cracks. The NFP report triggered the firing of the US Bureau of Labor Statistics (BLS)...
Oil prices fell to their lowest in a week on Monday after OPEC+ agreed to another large output increase in September, adding to oversupply concerns after U.S. data showed lacklustre fuel demand in the top consuming nation. Brent crude futures fell 43 cents, or 0.6%, to $69.24 a barrel by 11:39 a.m. ET (1539 GMT), while U.S. West Texas Intermediate crude declined by 48 cents, or 0.7%, to $66.85 a barrel. Both contracts were down more than 2% earlier in the session and hit the lowest in a week, after declining close to 3% on Friday. The Organization of the Petroleum Exporting Countries and...