Gold price has moved higher at a snail’s pace to near $1,915.00 ahead of US NFP data.
S&P500 futures are consistently extending losses as investors are anxious ahead of the labor market data.
Gold price is in an inventory adjustment stage in which inventory is exchanged among institutional investors and retail participants.
Gold price (XAU/USD) is demonstrating a dull performance after a wild spike-triggered post the release of the United States Automatic Data Processing (ADP) Employment report. The precious metal has walked briskly to near $1,915.00 and is expected to remain sideways ahead of the US Nonfarm Payrolls (NFP) data.
S&P500 futures are consistently extending losses as investors are anxious ahead of the labor market data and upcoming corporate earnings season. The US Dollar Index (DXY) is displaying a subdued performance. The upside for the USD index is restricted near 103.20 for now but bulls can make a comeback if NFP data turns out resilient.
Following a subdued lead from the USD Index, US Treasury yields are also sideways. The yields offered on 10-year US Treasury bonds are hovering around 4.04%.
Meanwhile, all eyes are set on the US NFP data. Analysts at Citi expect after a surprisingly strong 339K increase in nonfarm payrolls in May, we expect a slowing in employment growth in June, although a still-solid 170K jobs were added during the month. This could also be a temporarily softer month of payroll growth with upside risks again to payrolls from July through September. After the unemployment rate unexpectedly rose to 3.7% in May, we expect a decline to 3.6% in June with downside risks
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