- Data released on Friday revealed that the US unemployment rate rose to its highest level in two years, lifting bets for a June rate cut by the Federal Reserve and pushing the Gold price to a fresh record high.
- The headline NFP showed that the US economy added 275 new jobs in February as compared to the 200K estimated, though the previous month's reading was revised down to 229K from the 353K reported.
- Adding to this, wage inflation, as measured by the change in the Average Hourly Earnings, rose by 4.3% on a yearly basis, also falling short of market expectations and January's growth of 4.4%.
- The possibility of a May interest rate cut by the Fed climbed to around 30% after the crucial jobs report, though the June policy meeting is still the most likely expected timing for any such move.
- The yield on the 10-year US government bond dived to a more than one-month trough, dragging the US Dollar to its lowest level since mid-January and benefitting the non-yielding metal.
- A modest USD uptick prompts some intraday sellers during the Asian session on Monday, albeit firming expectations for an imminent shift in the Fed's policy stance should help limit losses.
- Furthermore, geopolitical tensions, along with expectations that the global economy could weaken in 2024, might continue to drive flows towards the safe-haven XAU/USD and act as a tailwind.
- Investors now look forward to the release of the latest US consumer inflation figures on Tuesday for fresh cues about the Fed's rate-cut path and before positioning for the next leg of a directional move.
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