As the trading week comes to an end, weakness around gold price action remains evident in the short term. This can be seen in the performance of the past two sessions, where the metal has declined by approximately 0.3%. Although the move has not been particularly aggressive, it highlights that buying pressure continues to struggle to regain control of the market.
USD/CAD recovered quickly after weaker US jobs data, keeping the bullish trend in focus. A move above the June highs could accelerate the rally as inflation keeps the Fed under pressure.
Well, it was a week of USD strength that wasn’t entirely pushed by USD/JPY, as a strong sell-off in EUR/USD has pushed the major pair to its most oversold state in a decade.
The Dow Jones support breakdown shows rising bond yields and rate hike bets hitting U.S. stocks while tech giants prop up the Nasdaq.
U.S. stocks are rising after weaker-than-expected U.S. jobs data saw markets rein in rate hike expectations.
The EUR/USD has tagged a fresh year-to-date low as French public-finance concerns trigger a government bond sell-off. Today's US jobs report may change little, with resilient activity, elevated energy prices and hawkish Fed bets keeping the greenback supported. With the pair trapped below resistance at 1.1410, the risk to the near-term EUR/USD forecast is tilted to the downside.
U.S. 10-year Treasury yields are nearing a long-term resistance zone with overbought RSI readings, raising near-term pullback risk for the dollar.
USD/CAD has printed a clear bearish reversal pattern after an extraordinary September surge, but confirmation may depend heavily on how US Treasury yields react to Friday’s payrolls report.
Over recent trading sessions, the Mexican peso has continued to show signs of weakness against the U.S. dollar. This can already be seen in USD/MXN, which has gained more than 1.7% over the last three sessions, highlighting sustained buying pressure in favor of the dollar in the short term.
The Canadian dollar continues to face one of its most challenging environments in recent months when it comes to maintaining strength against the U.S. dollar. The weakness of the Canadian currency is clearly reflected in USD/CAD, which has now recorded nine consecutive bullish sessions and gained more than 1.7% during that period.
Softer inflation has revived expectations for a Fed pause, but Friday’s payrolls could put gold’s recovery prospects to the test.
Traders and economists expect the NFP report to show that the US created 90K net new jobs, with average hourly earnings rising 0.3% m/m (3.1% y/y) and the U3 unemployment rate at 4.1% - see what the leading indicators are suggesting!
U.S. stocks are falling at the start of Q4, as gains in software stocks offset concerns over soaring Treasury yields. U.S. Treasury yields continue to rise, with the 10-year yield up 2 basis points at 5.31% and the 30-year at 5.66%, multi-decade highs.
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