Gold extends gains as weak US NFP data dents Fed rate hike expectations
Gold extends gains as weak US NFP data dents Fed rate hike expectations
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Gold extends gains as weak US NFP data dents Fed rate hike expectations
Forex
EUR/USD Price Forecast: Euro stalls below 1.1475 despite US Dollar weakness
Silver climbs above $62 on fading Fed rate hike expectations
The latest US employment figures have taken some of the shine off the dollar, yet the report falls short of signalling a decisive shift in the long-dollar narrative. The Fed's policy outlook still favours a rate hike later this year, although much will depend on the direction of inflation.
Gold: Rebound tests major resistance band – Societe Generale
Euro: Rallies seen tiring below 1.16 against US Dollar – ING
Silver price today: Silver rises, according to FXStreet data
Gold rose to 4,177 USD per troy ounce on Friday, having gained more than 2% in the previous session. The primary driver of the recovery was US labour market data, which came in weaker than expected, prompting investors to scale back expectations for further Federal Reserve interest rate hikes.
USD/CAD Price Forecast: Further correction to 20-day EMA might create buying opportunity
Policy and growth divergence across major economies influenced the US Dollar following today's nonfarm payrolls as DXY traded at $100.68. EUR/USD held blue trendline support at $1.1453 and GBP/USD tested resistance at $1.3289.
Gold: Higher range forming as Fed risks ease – TD Securities
USD/JPY Price Forecast: Seems vulnerable near two-week low, below 23.6% Fibo. at 161.00
Euro rises to near 1.1455 against US Dollar as weak US NFP batters US Dollar
Gold and silver focused on technical recoveries as central banks maintained net purchases following today's nonfarm payrolls. Gold broke $4,175 trendline while silver traded at $60.05.
USDCAD(The Canadian Dollar) drops 100 pips USDCAD(The Canadian Dollar) picks up gains against its neighbour as prices look for support. The major support of 1.4200 was easily broken thanks to yesterday's NFP data, with 1.4180 on the horizon.
EUR/GBP Price Forecast: Euro languishes around 0.8565 with bears in control
British Pound: Overbought rally eyeing 1.3410 against US Dollar – UOB
The Pound to Australian Dollar (GBP/AUD) exchange rate climbed to its strongest level in almost 14 weeks on Thursday as easing UK political uncertainty and weak Australian trade data combined to lift Sterling. At the time of writing, GBP/AUD was trading at AU$1.9335, up around 0.4% on the day.
Silver Price Forecast: XAG/USD rises above $62.00 within broader bearish setup
NZD/USD Price Forecast: Refreshes weekly high near 0.5725 as US Dollar weakens