Oil steadied after its biggest gain in almost two weeks, as a US trade deal with Vietnam boosted optimism further agreements will be made by next week's cutoff. West Texas Intermediate traded above $67 a barrel after surging more than 3% on Wednesday, with Brent crude closing near $69. The deal with Vietnam would be just the third announced following agreements with the UK and China, as trading partners race to cut agreements with the US ahead of a July 9 deadline. Crude has been buffeted in recent weeks, surging and collapsing along with perceived geopolitical risk in the...
Gold eased after a three-day gain, before pivotal US jobs data due later Thursday that may shape the outlook for the Federal Reserve's monetary easing path. Bullion traded near $3,345 an ounce after gaining more than 2% earlier this week, as markets shifted focus to the incoming payrolls report that's forecast to show 106,000 jobs were added to the economy in June, which would mark the fewest in four months. Separate data from ADP Research on Wednesday showed employment at US companies fell for the first time in over two years, prompting traders to boost bets on at least two rate cuts...
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, remains on the defensive near 96.70 during the early Asian session on Thursday. All eyes will be on the release of highly-anticipated US Nonfarm Payrolls (NFP) data for June, which is due later on Thursday. The Greenback edges lower after the ADP National Employment Report showed US private payrolls fell for the first time in more than two years in June. US private-sector payrolls decreased 33,000 in June after a downwardly revised 29,000 gain in May. This figure came...
The trading action in financial markets turns subdued early Thursday as investors gear up for the key June employment report from the US, which will feature Unemployment Rate, Nonfarm Payrolls and wage inflation figures. The US economic calendar will also offer weekly Jobless Claims data and the Institute for Supply Management's (ISM) Services Purchasing Managers' Index (PMI) report for June. After starting the day on a bullish note on Wednesday, the US Dollar (USD) lost its recovery momentum in the American session to end the day with small gains. The data published by Automatic Data...
Gold prices were little changed on Thursday as investors held back from making significant bets, awaiting U.S. payroll data later in the day for insight into the Federal Reserve's policy direction. Spot gold held steady at $3,357.96 per ounce as of 0601 GMT, while U.S. gold futures edged up 0.2% to $3,369.10. Gold appears to be consolidating at present within the $3,320 to $3,360 range, with the market adopting a wait-and-see approach rather than taking significant positions ahead of U.S. non-farm payroll and ISM Services PMI data, OANDA senior market analyst Kelvin Wong said. Data...