The price of Gold (XAUUSD) remains stable around $2,640 during the European session, fueled by concerns over the trade policies of incoming US President Donald Trump and ongoing geopolitical tensions. Although the US Dollar has seen a slight decline, its impact on Gold prices is limited. Market focus is now shifting towards the JOLTs Job Openings data, which is projected to drop in November.
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Gold prices are holding steady at approximately $2,640 this afternoon amid worries surrounding the proposed tariffs and trade restriction policies of incoming US President Donald Trump, which are dampening investor confidence. In this scenario, the slight weakening of the US Dollar (USD) offers minimal support for the precious metal’s price movements.
On another front, geopolitical strains stemming from the prolonged Russia-Ukraine conflict and tensions in the Middle East continue to affect market sentiment. Attention tonight will shift to the JOLTs Job Openings data for November, which is expected to decrease to 7.69 million from 7.744 million previously; if this forecast holds, it could enhance the potential for Gold to rise.
MINYAK
Oil prices are strengthening in the European session, reaching $73.72 after previously facing selling pressure, which limited oil price increases. However, the decline appears to be contained since prices are still buoyed by rising energy demand driven by cold weather and economic stimulus efforts from Beijing.
Additionally, oil prices may receive further support from decreased OPEC production in December, particularly due to supply reductions from the United Arab Emirates (UAE).
EURUSD
EURUSD has continued to rise, reaching 1.0434 in the European session, supported by eurozone inflation data released at 2.8%, surpassing the forecasted 2.7%.
Higher inflation tends to boost market expectations for monetary policy tightening from the European Central Bank (ECB). This is because the ECB aims for an inflation target of around 2%; should inflation exceed this level, the central bank may consider holding off on cutting interest rates, which could further support EURUSD’s rise.
GBPUSD
GBPUSD has successfully continued its upward trend in the European session, reaching 1.2575. Support for this currency pair remains stable, with the USD facing sell-offs amid uncertainties surrounding tariff policies, propelling GBPUSD higher.
Market attention will soon shift to the JOLTs Job Openings data for November, expected to drop to 7.69 million from the previous count of 7.744 million. If projections are accurate, GBPUSD may receive renewed positive support.
USDJPY
USDJPY has exhibited high volatility on Tuesday, strengthening to 158.41 during the Asian session, only to decline to a low of 157.37 in the European session amid concerns over potential market intervention by Japanese authorities. Moreover, uncertainties relating to Trump’s tariff plans and increased geopolitical risks are bolstering the JPY as a safe-haven asset.
The US Dollar may weaken due to anticipated declines in the JOLTs Job Openings data later tonight at 22:00 WIB, projected to fall to 7.69 million from 7.744 million previously.
Bursa Efek New York
Nasdaq continues to uphold its gains during European trading, and the upward potential for Nasdaq is likely to persist given the positive performance of technology stocks.
Market focus will shift towards the December Services PMI data and the November JOLTs Job Openings figures. The JOLTs Job Openings data is expected to decrease to 7.69 million from 7.744 million, while the Services PMI is projected to grow to 54, up from the previous level of 52.1.
