Markets are focused on US macro data and Federal Reserve (Fed) communications, with November's Nonfarm Payrolls (NFP) data expected to show weak job growth and a higher unemployment rate. Weaker data or a dovish Fed signal could revive expectations of a March interest rate cut, while Thursday's European Central Bank (ECB) meeting remains the main external risk for short US Dollar (USD) positions, notes ING FX analyst Chris Turner. Fed speakers could reinforce the dovish bias "In terms of US domestic news this week, the focus will be on major data releases and key Fed speeches. The...
Gold did rise on Monday, driven by a weaker US dollar and falling US bond yields, plus demand for safe haven assets ahead of a key data week. But entering the US session, gold began to lose momentum and retreat from its intraday peak, as evidenced by XAU/USD falling back below $4,350 after briefly testing that level (although still holding above $4,300). The main reasons are usually simple: profit-taking (the price has risen sharply, near resistance), plus the market starting to "tidy up" as all eyes await US jobs (NFP) and inflation data, which will signal the direction of interest...
Brent crude oil futures hovered around $61.1 per barrel on Monday, near the lowest level in almost two months amid persistent concerns about oversupply, while investors monitor developments surrounding a new round of Ukraine peace negotiations. President Volodymyr Zelensky met with US President Donald Trump's top envoys on Sunday for two days of talks aimed at ending the war with Russia. Despite the diplomatic efforts, fighting continues, with Ukrainian drone strikes targeting oil depots and refineries across several Russian regions, keeping Russian supply at risk. Supporting prices, the...
Gold prices tended to be stable at the start of the Asian session, as market participants held their breath awaiting the November US employment report (Nonfarm Payrolls), which will be released today. For now, the spot gold price is barely changing at around $4,306.60 per ounce. According to Fawad Razaqzada, a market analyst at FOREX.com, the market is currently expecting only around 50,000 new jobs. At the same time, the unemployment rate is predicted to rise to 4.5%, which could signal a slowing US economy. If the results are weaker than expected (a downside surprise), the market could...
Oil prices remain near their lowest levels since 2021, as traders assess the impact of a potential ceasefire in Ukraine. If the war subsides, the path could open to easing restrictions on Russian oil imports—even though the global market is already oversupplied. West Texas Intermediate (WTI) is trading around $57 per barrel after closing at a more than four-year low on Monday. Brent crude also weakened, closing below $61. US President Donald Trump said a deal to end the Russia-Ukraine war is "closer than ever" after talks with Ukrainian President Volodymyr Zelenskiy and European...