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The gold market rallied on Thursday, as the jobs number in the US had disappointed traders, with an addition of just 54,000 jobs in June. The United States will be on holiday for Friday, so be aware of the liquidity issues.
Forex
Silver rallies on Thursday as the jobs number was weaker than anticipated, with traders thinking the Fed may not be able to raise rates as much as thought.
The US Dollar takes it on the chin after the Non-Farm Payroll announcement.
USD/JPY forex pair has been on a steady climb since May and the decline before NFP data release is likely temporary.
The Australian Dollar has lost momentum in recent weeks, with AUD/USD slipping back below 0.69 after a strong first half of the year. MUFG believes the Reserve Bank of Australia's tightening cycle is now complete and expects the Aussie to remain under pressure in the near term before recovering later this year.
GBP/JPY Price Forecast: Possible Japan intervention caps gains near 216.00
I think this is a market that will continue to be noisy, perhaps a tale of two stories.
EUR/JPY Price Forecast: Euro holds above 183.75 with bearish pressure mounting
The 1.14 level has been massive support, while the 1.1850 level above has been resistance. It's very possible these levels will continue to dictate things, with perhaps the addition of 1.12 below.
The Pound to South African Rand (GBP/ZAR) exchange rate traded around 21.80 on Thursday, holding close to one-week highs as Sterling recovered while the Rand struggled to build on its recent rebound. Latest — Exchange Rates:Pound to South African Rand (GBP/ZAR): 21.7986 (+0.01%)Previous Close: 21.7970 (+0.40%)Month-to-Date:.
Here's where Gold could head next after the WGC pencils in $5,000 as upside ceiling
Euro: Downside bias builds into NFP against US Dollar – MUFG
$4,000: Gold defends key support as traders await US NFP
Gold price rebounds ahead of June payrolls as weak ADP data boosts Fed rate hopes. See why $4,162.36 is the key upside target for XAU/USD.
EUR/USD Price Forecasts: Nears weekly top at 1.1435 with bearish momentum easing
British Pound surges against US Dollar ahead of US NFP data
USD/JPY Price Forecast: Dollar finds support at previous resistance area around 161.00
Out of the blue, the Japanese yen recovered sharply by 0.5% against the US dollar on Thursday, 2 July 2029, at 2 pm SG time (the Asian-to-London handover period).
Silver price today: Silver rises, according to FXStreet data
USD/JPY Forecast: MUFG Sees Further Dollar Strength but Says Yen Recovery Risks Are Building The Japanese Yen remains under pressure despite the Bank of Japan's latest rate hike, with MUFG arguing that stronger US interest-rate expectations continue to dominate the currency outlook. USD/JPY traded near 161.23 on Wednesday after.
