The price of Gold has strengthened to $2,654 following the People’s Bank of China’s (PBoC) decision to increase its gold reserves in December 2024, continuing a positive buying trend for two consecutive months. Market attention is now turning towards US economic data, particularly the ADP employment figures and unemployment claims, which could influence market sentiment and bolster Gold prices.
EMAS
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Gold prices have reported a slight increase during the European session, reaching $2,654. This rise comes as the People’s Bank of China (PBoC) enhances its gold reserves in December 2024, thereby continuing the upward trend initiated the month prior. The amount of gold held by PBoC rose to 73.29 million troy ounces from 72.96 million troy ounces in November, marking a two-month streak of gold purchases after a six-month pause.
Tonight, market focus will shift towards US data; the ADP employment forecast is anticipated to be 140,000, lower than the expected 146,000, while unemployment claims are projected at 213,000, slightly above the 211,000 estimate. This could heighten concerns over an economic slowdown, despite a stable US labor market. Gold may find support if both data points align with market expectations.
MINYAK
Oil prices have continued to rise during the European session, reaching $75.27, fueled by expectations of increased demand from China, the world’s largest energy consumer. This optimism is further supported by signs of economic recovery in China, which could positively impact global energy consumption.
Additionally, oil prices have received a boost from reports indicating a larger-than-expected decrease in US crude oil inventories, contributing to a positive outlook for prices. This movement reflects the market sentiment anticipating supply tightening amid increasing demand dynamics.
EURUSD
The EURUSD pair has continued to decline during the European session, reaching a low of 1.0310 due to reports of a sharp drop in German factory orders, adding pressure to the Eurozone economy amid global slowdowns.
On the other hand, heightened geopolitical rhetoric from President-elect Donald Trump has also impacted risk sentiment, exacerbating investor concerns regarding global market stability. This combination of fundamental and geopolitical factors continues to weigh on the EURUSD exchange rate.
GBPUSD
GBPUSD has also continued to decline during the European session, reaching a low of 1.2440 as the US dollar strengthens, bolstered by US economic data showing faster-than-expected growth in the services sector in December. This raises concerns over higher inflation and the likelihood of fewer interest rate cuts by the Federal Reserve.
Furthermore, global political uncertainties, including the rhetoric from President-elect Donald Trump that intensifies geopolitical tensions, have impacted market sentiment and strengthened the US dollar’s position.
USDJPY
USDJPY has shown a strengthening trend during the European session, underpinned by uncertainties surrounding when the Bank of Japan (BoJ) might raise interest rates again, creating skepticism in the market.
The US dollar has benefited from the geopolitical tensions heightened by President-elect Donald Trump’s rhetoric, contributing to the rise of USDJPY leading up to tonight. Market attention will be on the ADP employment data and unemployment claims from the US later tonight.
Bursa Efek New York
The Nasdaq index has exhibited limited movement during the European session, fluctuating between 21,443 and 21,344 following a sharp decline yesterday, primarily resulting from a 6.2% drop in Nvidia’s stock after reaching a previous record, while Tesla fell by 4%.
Market focus will be on significant US data tonight, with the ADP employment estimate at 140,000, falling short of the 146,000 expectations, and unemployment claims projected at 213,000, slightly higher than the 211,000 forecast. This might add to concerns regarding economic slowdown despite a stable US labor market.
