The price of Gold remained steady around $2,640 at the start of the Asian session on Monday (January 6, 2025), although it faced pressure from the strengthening US dollar, which was influenced by the release of the ISM Manufacturing data from the US. Meanwhile, oil prices exhibited strong performance last week, buoyed by increased demand optimism from China following Beijing’s plans to implement more stimulus measures. The rise in China’s Services Purchasing Managers’ Index (PMI) to 52.2 in December further reinforced hopes for economic expansion, providing positive support for global energy demand prospects.
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The price of Gold (XAUUSD) remained stable near $2,640 at the beginning of the Asian trading session on Monday (January 6, 2025). However, the strength of the US dollar, triggered by the ISM Manufacturing data release, weighed on Gold’s movement. Market focus this week is directed towards the US labor market data for December, set to be released on Friday, which may act as a new catalyst.
According to data from the Institute for Supply Management (ISM) released last Friday, the US Manufacturing PMI rose to 49.3 in December from 48.4 in November, surpassing the market forecast of 48.5. This better-than-expected data boosted the US dollar and put pressure on commodities priced in that currency, including Gold.
МАСЛО
Oil prices experienced a notable rise during the previous week’s trading, supported by optimism regarding increasing demand in China. As the world’s leading oil importer, China is expected to ramp up energy consumption after Beijing signaled the launch of more stimulus measures in the coming months.
Additionally, the Services PMI in China increased to 52.2 in December from 51.5 the previous month, indicating expansion in the services sector, a positive sign for China’s economy.
Oil prices were also bolstered by cold weather sweeping through the US and Europe, which has enhanced the demand for oil, particularly for refined products like heating fuel. This increase marks two consecutive weeks of rising oil prices.
EURUSD
The EURUSD pair managed to continue its upward trend in the Asian session this morning, supported by German unemployment data reporting only a 10,000 increase in December, lower than market expectations of a 15,000 rise. This kept the unemployment rate stable at 6.1%, reflecting the strength of the German labor market and stability within the eurozone economy.
However, selling pressure still appears to be a concern, as ECB policymakers are in favor of continuing monetary easing, with markets anticipating further interest rate cuts this year. This outlook indicates worries over inflation in the Eurozone remaining well above the ECB target of 2%.
GBPUSD
The GBPUSD pair saw a slight increase at the start of the week, driven by short covering from market participants—buying back GBP after significant sales—and the interest rate differential between the UK and the US, providing positive support for the pound sterling.
Nevertheless, this rise may be capped by expectations that the Bank of England (BoE) will lower interest rates at a faster pace this year.
USDJPY
The USDJPY opened higher during the Asian trading session, influenced by uncertainties regarding expectations for interest rate hikes from the Bank of Japan (BoJ). Additionally, Japan’s Services PMI for December was revised down to 50.9 from the previous 51.4, raising concerns over Japan’s economic conditions.
On the other hand, the US dollar continues to hover near two-year highs, fueled by a hawkish shift from the Fed that supports dollar strength. The risk-on market environment and the dovish perspective from the BoJ have weakened the yen as a safe-haven currency.
НАСДАК
The Nasdaq managed to rebound from its weekly lows, maintaining its increase at the level of 21,522 during the Asian trading session on Monday morning. This rise was supported by technology stocks leading the surge on Friday, with Tesla shares jumping 8% after the electric car manufacturer announced record sales in China for 2024.
Furthermore, Nvidia shares gained over 4% after a significant increase on Thursday, indicating a return of positive sentiment in the technology sector.
