The AUD/USD pair held steady around 0.6145 during the early Asian session on Monday. The US jobs growth came in stronger than expected in December, supporting the US Dollar (USD) across the board. The data released by the US Bureau of Labor Statistics (BLS) on Friday showed that Nonfarm Payrolls (NFP) rose by 256K in December, compared to an increase of 212K (revised from 227K) seen in November. This reading beat the market expectation of 160K by a wide margin. Meanwhile, the Unemployment Rate fell to 4.1% in December from 4.2% in November. Lastly, annual wage inflation, as measured by the...
Gold (XAU/USD) price traded with slight losses near $2,690 against the broadly stronger US Dollar (USD) during the early Asian session on Monday (13/1). However, safe-haven demand due to uncertainty surrounding the policies of President-elect Donald Trump's administration could help limit Gold's decline. A stronger-than-expected US employment data on Friday reinforced expectations that the US Federal Reserve (Fed) may not cut interest rates aggressively this year. This, in turn, weighed on non-yielding assets. Traders expect the Fed to cut interest rates by only 30 basis points (bps) this...
Oil prices jumped on Friday as the U.S. Treasury Department announced sweeping sanctions against Russia's oil industry. Brent gained $2.84, or 3.69%, to close at $79.76 per barrel, while U.S. crude oil advanced $2.65, or 3.58%, to settle at $76.57 per barrel. The benchmarks closed at their highest levels since October. The sanctions target Russian oil companies Gazprom Neft and Surgutneftegas and their subsidiaries, more than 180 tankers, and more than a dozen Russian energy officials and executives. The sanctioned executives include Gazprom Neft CEO Aleksandr Valeryevich Dyukov. The...
Gold price (XAU/USD) attracts some sellers during the Asian session on Monday and for now, seems to have snapped a four-day winning streak to the $2,700 neighborhood, or a one-month high touched on Friday. The upbeat US Nonfarm Payrolls (NFP) report reinforced market expectations that the Federal Reserve (Fed) will pause its rate-cutting cycle later this month. This keeps the US Treasury bond yields elevated near their highest level in over a year and the US Dollar (USD) near a two-year peak, which, in turn, exerts some pressure on the non-yielding yellow metal. Meanwhile, hawkish Fed...
Gold (XAU/USD) prices reversed a modest Asian session decline to the $2,679 area and is currently trading just below a one-month high touched on Friday, though the upside seems limited. The upbeat US Nonfarm Payrolls (NFP) report reinforced market expectations that the Federal Reserve (Fed) will pause its interest rate-cutting cycle later this month. This, coupled with persistent geopolitical risks, dampened investors' appetite for riskier assets, which was evident from a softer tone around equity markets and acted as a tailwind for the safe-haven precious metal. Meanwhile, hawkish Fed...