The U.S. dollar fell sharply against major peers on Friday after crucial monthly jobs data showed that American employers hired fewer workers than expected, which affirms weakening labor market conditions and likely guarantees a Federal Reserve interest rate cut. Labor Department data showed that nonfarm payrolls increased by only 22,000 jobs last month, far short of the 75,000 positions estimated by economists polled by Reuters. The dollar fell across the board following the report. It weakened 0.70% to 147.44 against the Japanese yen , but was still on track for the second straight week...
Gold prices fell on Friday after bullion hit a more than five-week high in the previous session and as the U.S. dollar gained, but prices were on track for a weekly rise on expectations of a Federal Reserve rate cut next week. Spot gold was down 0.8% at $2,658.89 per ounce, as the U.S. dollar hovered near its highest in more than two weeks. Bullion hit its highest since Nov. 6 on Thursday, and has risen nearly 1% so far for the week. U.S. gold futures fell 1.1% to $2,678.50. Underpinned by easing monetary policies, robust central bank buying, and safe-haven demand, gold has shattered...
Gold (XAU/USD) has given away earlier gains and is trading lower for the second consecutive day during Friday's European session. The US Dollar (USD) maintains its bullish tone, supported by rising US Treasury yields, which keeps the precious metal under pressure. Recent US data is showing a resilient US economy with inflation picking up. Donald Trump's high tariffs for imports and restricted immigration are expected to lift consumer prices, forcing the Federal Reserve (Fed) to approach cautiously with monetary easing next year. Most of the major central banks, in contrast, are expected to...
Oil prices nudged upwards on Friday, heading for their first weekly rise since the end of November, as additional sanctions on Iran and Russia ratcheted up supply worries, while a surplus outlook weighed on markets. Brent crude futures edged up 5 cents to $73.46 a barrel by 0716 GMT, while U.S. West Texas Intermediate crude was up 8 cents at $70.1 a barrel. Both contracts are on track for a weekly gain of more than 3% as concerns about supply disruption from tighter sanctions on Russia and Iran, and hopes that Chinese stimulus measures could lift demand in the world's No. 2 oil consumer...
Silver (XAG/USD) prices extended its decline for the second session, trading around $30.90 per troy ounce during Asian hours on Friday (12/13). The daily chart analysis shows a shift in momentum to bearish from bullish bias as the pair has broken below an ascending channel pattern. The XAG/USD pair is moving below the nine- and 14-day Exponential Moving Averages (EMAs), indicating a continued bearish outlook and signaling weakening near-term price momentum. This suggests increasing selling interest and increases the likelihood of further price depreciation. Additionally, the 14-day...
Gold rose above $2,680 on Friday, recovering slightly from a more than 1% drop in the previous session, as investors continued to assess the latest economic data. U.S. factory-rate prices rose more than expected in November, fueling concerns that inflation may remain above the Federal Reserve's target into next year. However, initial jobless claims unexpectedly jumped to a nearly two-month high, far surpassing forecasts, underscoring the risk of a weakening labor market. Markets still largely expect a 25bps hike by the Fed next week and are pricing in further rate cuts next year, although...
The dollar index rose above 107 on Friday, positioning it for a 1% gain for the week, marking its best weekly performance in a month. The gains came as markets had priced in a 25 basis point interest rate cut from the Federal Reserve next week, although the outlook for 2025 remains uncertain. Data released on Thursday showed the headline producer price index rose more than expected, while the core index slowed in line with forecasts. Additionally, initial jobless claims unexpectedly rose to a nearly two-month high of 242,000, well above the 220,000 anticipated. Markets are now pricing in...
The Japanese Yen (JPY) held firm against its US counterpart, lifting the USD/JPY pair near the 153.00 level, or a fresh monthly peak during the Asian session on Friday. Recent media reports suggested that the Bank of Japan (BOJ) will not raise interest rates at its upcoming policy meeting next week, which in turn, further undermined the JPY. Moreover, expectations for a less dovish Federal Reserve (Fed) continued to support higher US Treasury bond yields and further weighed on the lower-yielding JPY. Meanwhile, the BOJ's quarterly Tankan survey released today showed that business...
The Australian Dollar (AUD) continued to weaken against the US Dollar (USD) on Friday. The threat of tariffs from the Trump administration has boosted the US Dollar (USD) across the board and created a headwind for the AUD/USD pair. Additionally, speculation about a potential 10% tariff on Chinese goods could drag the AUD lower as China has been Australia's largest trading partner. The AUD gained support after the release of mixed domestic employment data on Thursday. The seasonally adjusted Employment Change rose by 35,600, bringing the total number of employed people to 14,535,500 in...
Gold (XAU/USD) is extending its decline on Wednesday for a second consecutive day as the US Dollar (USD) and US Treasury yields firm ahead of the release of the Federal Open Market Committee (FOMC)...
Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook.
Brent...
The Japanese Yen (JPY) weakened against its US counterpart and reversed part of Friday's recovery from the lowest level since July 23 following Bank of Japan (BOJ) Governor Kazuo Ueda's remarks....