The recent release of the United States job market data on Friday had a significant impact, leading to a robust performance of the US dollar. The figures indicate a solid labor market, with investors now predicting that the Federal Reserve will likely cut interest rates only once this year.
Here are the details from Trading Central:
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- Non-Farm Payrolls: actual 256K vs تنبؤ بالمناخ 160K
- Average Hourly Earnings (شهرا بعد شهر/MoM): actual 0.3% vs تنبؤ بالمناخ 0.3%
- Unemployment Rate: actual 4.1% vs تنبؤ بالمناخ 4.3%
The data release last Friday is expected to influence market movements in trading on Monday (January 13, 2024).
ذهب
Despite the strong US labor market and the dollar’s strength, Gold (XAUUSD) prices surged by over $20 or 200 pips, reaching $2,689.82 per troy ounce during Friday’s trading session.
Gold has managed to rise for four consecutive days, marking its highest level in the past month. This upward trend is attributed to market participants foreseeing uncertainties in both the US and global economies this year, particularly due to unclear policies from the incoming President Donald Trump.
Nevertheless, with prices at a relatively high level, there’s potential for Gold to experience profit taking during European trading sessions.
زيت
Oil prices (CLS10) jumped to $78.36 per barrel as trading commenced today. Oil continued its sharp rise from last Friday and is now at its highest point in three months.
This increase since last Friday came after the US imposed sanctions on the Russian crude oil industry. The sanctions target major oil companies including Gazprom Neft and Surgutneftegas, as well as more than 180 tankers and several Russian citizens linked to the energy sector.
This sentiment is expected to continue influencing Oil movements during today’s European trading session.
اليورو مقابل الدولار الأميركي
EURUSD plummeted during trading last Friday and continues on a downward trend today. By midday, EURUSD had fallen by 341 points (34.1 pips) to 1.02075, marking its lowest level since November 2022.
As mentioned earlier, the release of the US labor market data significantly bolstered the dollar, placing pressure on EURUSD. This sentiment is likely to affect EURUSD movements during today’s European session.
الجنيه الاسترليني مقابل الدولار الأميركي
GBPUSD declined in today’s trading, reaching a level of 1.21255, a 14-month low. Compared to last Friday’s closing, GBPUSD dropped by 812 points (81.2 pips).
Similar to EURUSD, the strengthening of the US dollar post-NFP data release has placed further pressure on GBPUSD, and this trend is expected to persist during the European trading session.
دولار أمريكي/ين ياباني
USDJPY exhibited high volatility during Friday’s trading session, briefly climbing to its highest level in nearly six months before reversing due to profit taking. Despite a strong dollar, USDJPY has fallen to 157.263 by midday today.
This drop is attributed to a slump in Asian stock indices, which has sparked demand for the yen as a safe haven. Additionally, a relatively weak yen has prompted purchasing activities, creating a negative sentiment for USDJPY.
ناسداك
The Nasdaq index declined by more than 300 points to 20,996 following the NFP data release last Friday, further dropping to 20,858 as of noon today.
The NFP data has led market players to view the Federal Reserve as likely to cut interest rates only once this year, which has set a negative sentiment for the Nasdaq and is expected to impact European trading as well.
