2023-12-05 19:46

NEW YORK - The Swiss Franc's long-term momentum has been putting pressure on the US Dollar, with broad-market risk-off flows influencing trading dynamics. Despite this trend, the USD/CHF currency pair managed to edge higher for a second consecutive session today, as traders position themselves ahead of nonfarm payroll (NFP) data that could influence Federal Reserve rate decisions. In recent weeks, the Swiss Franc has gained over 3% against the Dollar since early November. However, after a fifteen-day streak without gains, the USD/CHF pair has seen a modest rebound from its recent low at 0.8666. This uptick occurs amidst market anticipation for the upcoming NFP prints, which are expected to play a pivotal role in shaping the Fed's approach to potential rate cuts in the first half of the next year. The labor market data complicates the Fed's policy direction. October's JOLTS Job Openings came in below expectations at 8.733 million jobs, against projections of 9.3 million. This shortfall highlights the tightness of the labor market and presents a challenge for the Fed as it considers rate cuts without stoking recession fears. https://www.investing.com/news/forex-news/usdchf-edges-higher-amid-riskoff-flows-and-weak-dollar-momentum-93CH-3250005

2023-12-05 18:53

Copyrighted Image by: Reuters. LONDON - The EUR/GBP currency pair remained near the 0.8570 mark Tuesday as investors positioned themselves ahead of the upcoming Eurozone Retail Sales data release. The pair has seen more declines than gains in recent sessions, despite positive economic indicators such as BRC Like-For-Like Sales and the HCOB Composite PMI. Markets are closely watching for the Eurozone Retail Sales figures, scheduled to be published on Wednesday at 10:00 GMT, with expectations pointing to a -1.1% year-over-year contraction. This anticipation comes after a period of the currency pair trading lower from its November highs. Adding to the cautious sentiment, investors are also preparing to review the UK Financial Stability Report, which will be released earlier on Wednesday at 07:00 GMT. These back-to-back financial disclosures are likely to influence market movements and investor strategies. https://www.investing.com/news/forex-news/eurgbp-steadies-near-yearly-lows-ahead-of-eurozone-retail-sales-data-93CH-3249986

2023-12-05 18:13

Copyrighted Image by: Reuters WASHINGTON - Gold prices experienced a significant drop from levels above $2,100 to $2036 as the US Dollar gained strength, with the DXY index, which measures the currency against a basket of other major currencies, climbing to 103.96. This shift indicates a rising preference for the dollar among investors. The economic landscape is presenting mixed signals. The Institute for Supply Management's (ISM) Non-Manufacturing Purchasing Managers' Index (PMI) exceeded market expectations by registering at 52.7, pointing to continued expansion in the service sector. However, the Job Openings and Labor Turnover Survey (JOLTs) reported job vacancies falling to a multi-year low of 8.733 million, suggesting some cooling in the labor market. Looking ahead, market participants are turning their attention to forthcoming labor data for additional insights into the economic direction. The ADP Employment Change report and Nonfarm Payrolls will be particularly scrutinized for their potential impact on gold prices and broader financial markets. Moreover, projections from the Atlanta Federal Reserve's GDPNow model indicate that economic growth in the fourth quarter may be subdued, not exceeding 2%. https://www.investing.com/news/commodities-news/gold-prices-retreat-as-dollar-strengthens-and-job-vacancies-decline-93CH-3249976

2023-12-05 17:42

Copyrighted Image by: Reuters. LONDON - The British pound fell to weekly lows against a stronger US dollar during the American trading session Tuesday, slipping below the significant 1.2600 level. The currency pair lost about one-third of a percent in value as the greenback found support from a mixed bag of economic indicators. The ISM Services PMI slightly outperformed market expectations, registering at 52.7, while JOLTS Job Openings saw a sharp drop to an over two-year low of 8.733 million in October, highlighting concerns about employment slack and fuelling speculation about potential changes to the Federal Reserve's rate hike trajectory. Investors are now shifting their attention to Wednesday's key economic releases, including the ADP Employment Change report and the Bank of England's Financial Stability Report. These announcements are expected to provide further insight into the health of the job market and financial stability in the UK, respectively. https://www.investing.com/news/forex-news/gbpusd-dips-below-12600-amid-mixed-us-economic-data-93CH-3249966

2023-12-05 17:20

Copyrighted Image by: Reuters. WASHINGTON - The US Dollar Index (DXY) climbed to the pivotal 104.00 mark today, buoyed by a downgrade of China's credit outlook and signals from the European Central Bank (ECB) that it may halt its rate hikes following a quicker-than-expected slowdown in inflation in Europe. The strengthening of the dollar comes amid broader market movements where Asian equity markets have experienced significant losses, with major indices down over one percent and China's indices dropping more than two percent. This downturn is part of a global sell-off that has seen mixed responses in US futures and marginal gains in European stocks. Retail sales performance in the US also reflected a downturn, with the Redbook Index falling from previous levels of over six percent to three percent. https://www.investing.com/news/forex-news/dollar-reaches-104-as-moodys-downgrades-china-ecb-hints-at-rate-hike-end-93CH-3249953

2023-12-05 16:46

Copyrighted Image by: Reuters NEW YORK - Silver prices edged lower today, with XAG/USD trading near $24.18 as the market reacted to a mix of US economic indicators that could influence Federal Reserve policy decisions. The US ISM Services PMI outperformed expectations with a reading of 52.7, suggesting continued expansion in the service sector. However, this positive sentiment was dampened by the JOLTs Job Openings report, which showed a disappointing 8.73 million job openings compared to the anticipated 9.3 million. This combination of data points to a potential tightening of Fed policy ahead of its December meeting as investors assess mixed signals from the labor market. US Treasury yields experienced a slight recovery, and the Dollar Index (DXY) climbed to 103.75, even though there was an overall drop in daily yields. Investors are now looking forward to additional labor market data for further clues on the Fed's next move, with Wednesday's ADP Employment Change report and Friday's critical labor metrics, including Average Hourly Earnings, Unemployment Rate, and Nonfarm Payrolls. https://www.investing.com/news/commodities-news/silver-prices-dip-as-us-economic-data-signals-potential-fed-tightening-93CH-3249933