The price of Gold remained steady during the European trading session, maintaining an upward trend as the release of US ISM Manufacturing data approaches tonight. Amid expectations of a contraction in the manufacturing sector, geopolitical tensions regarding Iran’s nuclear facilities are bolstering Gold’s appeal as a safe-haven asset.
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Gold paused its ascent during the European session; however, it continues in an uptrend as the US ISM Manufacturing data is set to be released at 22:00 WIB. This data is expected to slightly increase to a level of 48.5 from the previous reading of 48.4. Despite this slight growth, the figure remains below the 50 threshold, which signals a contraction in the manufacturing sector.
Gold has potential for further gains, supported by US President Joe Biden discussing alternative measures to address threats from Iran’s nuclear facilities, thereby increasing geopolitical tension.
МАСЛО
Oil prices have paused their recent rally during the European session due to profit-taking actions by investors, following a five-day streak of price increases. The potential for a drop seems limited as the underlying fundamentals still support oil prices.
Rising geopolitical tensions in the Middle East and the ongoing Russia-Ukraine conflict are also positive catalysts. Another influencing factor is the expectation of increased demand from China, which could further drive up oil prices.
EURUSD
EURUSD managed to recover from the low of 1.0224 after a sharp decline, as the US dollar strengthened due to a reported drop in US unemployment claims.
This currency pair could face pressure as new reports indicated that unemployment data in Germany rose by 10K, up from the previous figure of 7K, reflecting increasing strain in the German labor market.
GBPUSD
GBPUSD is on a downward trajectory even though it managed a slight rebound during the European session; however, the likelihood of a drop is considerably high due to expectations that the Bank of England (BoE) will accelerate interest rate cuts this year.
Additionally, the anticipated increase in US ISM Manufacturing data to 48.5 from 48.4 could negatively impact GBPUSD, creating further downward pressure on prices.
USDJPY
The USDJPY pair weakened below the level of 157.30 during the European trading session on Friday morning. The Japanese yen (JPY) received support from statements by Japanese authorities hinting at possible interventions to stabilize the currency.
Nonetheless, uncertainty regarding the Bank of Japan’s (BoJ) policy restricts the yen’s strengthening. With the Japanese market closed until the weekend, traders are now awaiting the release of the December ISM Manufacturing data for the US scheduled for today.
НАСДАК
The Nasdaq saw a slight rebound in the European session today, buoyed by market optimism for continued positive momentum that has pushed annual growth above 20% for two consecutive years.
However, the potential for bearish movement in the Nasdaq appears to persist, especially given the underperformance of major technology stocks like Apple, which fell by 2.6%. Furthermore, Tesla’s 6% decline, following the announcement of reduced annual shipments for 2024, remains a factor that could pressure the Nasdaq index.
