Gold prices held steady after weak US employment data failed to alter market expectations for an interest rate cut. The precious metal had fallen moderately in the previous session, halting its five-day uptrend. Gold bullion was trading around US$4,305 per ounce. The latest data showed the US labor market continuing to cool. However, market participants believe the Federal Reserve is not paying much attention to the data due to disruptions caused by the government shutdown. Last week, the US central bank cut interest rates for the third consecutive time. This supported gold prices because...
Oil prices held steady after closing at their lowest level since 2021 on Tuesday. Pressure stemmed from increasingly clear signs of oversupply in the global market, keeping market participants cautious. West Texas Intermediate (WTI) crude oil traded near US$55 per barrel after plunging nearly 6% in the last four sessions. Meanwhile, Brent was just below US$59 per barrel. Weakness was seen across various regions, from the Middle East to the United States, as the International Energy Agency projected the largest surge in oversupply since the pandemic. This oversupply was fueled by OPEC+'s...
Silver prices moved steadily with a downward trend as investors weighed weak US employment data. The data was not strong enough to fuel speculation of further interest rate cuts by the Federal Reserve, so buying interest in the precious metal remained limited. The lower number of US jobs added and the rising unemployment rate indicate the labor market is starting to slow. However, market participants believe the Fed will be cautious in responding to this data due to the disruption caused by the government shutdown. This situation means that silver, like gold, has not yet received a strong...
The EUR/USD pair moved steadily around 1.1750 during Wednesday's Asian session. Its movement appeared to be holding up after a sharp drop the previous day from its highest level since September 24th. Despite the correction, the overall direction of EUR/USD remains bullish. Market sentiment suggests that selling pressure on the dollar is weakening, giving the euro room to hold its ground. From the US side, the dollar's recovery following the release of the Nonfarm Payrolls (NFP) data is starting to run out of steam. The mixed labor data hasn't been strong enough to change market confidence...
The Japanese yen weakened slightly during the Asian session on Wednesday, as investors remained cautious while awaiting the Bank of Japan (BoJ) policy update. Market focus now turns to the two-day BoJ meeting next Friday, which is expected to provide clues regarding the interest rate path through 2026. Expectations for a BoJ interest rate hike this week are believed to be a supportive factor for the JPY. Investors anticipate a hawkish BoJ stance could boost the yen or at least prevent further depreciation, although more cautious market sentiment has limited the currency's...