All articles tagged with #us employment report
US initial jobless claims fell to 233K, below estimates, while the jobs report showed a stronger-than-expected increase of 147K jobs, leading to a market rally and higher US yields. The unemployment rate decreased to 4.1%, and market expectations for rate cuts have slightly adjusted. Despite rising jobless claims, the overall employment data suggests resilience in the US labor market.
The US dollar declined against major currencies as traders shifted focus from strong employment data to cautious optimism ahead of crucial US-China trade negotiations in London, amid concerns over China's economic challenges and global trade tensions.
Gold and silver prices are slightly weaker as traders remain cautious ahead of the U.S. employment report scheduled for Friday. The non-farm payrolls number is expected to be lower than the previous month, and a weaker U.S. economy could help cool the ascent in bond yields. The global economic outlook has been affected by the recent rise in U.S. Treasury yields and other interest rates, leading to a drop in crude oil prices. Technical analysis shows that gold and silver futures prices are at multi-month lows, with bears having the overall advantage. However, the market is short-term oversold and due for a corrective bounce.
Gold and silver prices remain steady as traders await the U.S. employment report, with expectations of a downside miss. A weakening U.S. economy could cool the ascent in bond yields. Asian and European stocks are mixed, while U.S. stock indexes are expected to open weaker. The U.S. dollar index is slightly down, crude oil prices are lower, and the U.S. Treasury 10-year note yield is at 4.719%. Technical analysis shows bears having the advantage in both gold and silver futures.
Gold and silver prices are slightly down after a stronger-than-expected US employment report for May, which falls into the camp of the US monetary policy hawks. However, the gold and silver markets did not react strongly to the better jobs data. Traders and investors are still buzzing about the Wall Street Journal report Thursday that said the Fed is likely to pause in its interest-rate-hiking cycle at the June FOMC meeting, before raising rates again later this summer.
Gold's price action was volatile this week as Comex gold futures tested record highs and touched $2,085 an ounce amidst intensifying troubles in the banking sector. The Federal Reserve Chair Jerome Powell's messaging and Friday's stronger-than-expected U.S. employment report weighed on gold. The U.S. and China are on the brink of war as gold touches record highs.