The US dollar continues to show strength in trading on Thursday and this trend has carried into early trading on Friday (January 10, 2024). The dollar remains robust in anticipation of the release of US labor market data, including the upcoming non-farm payrolls (NFP) report later tonight.
VÀNG
Gold (XAUUSD) prices have risen for three consecutive days, closing Thursday’s trading session at $2,669.50 per troy ounce. In the last three days, the price of gold has increased by over $33 or 330 pips, reaching its highest level in the past three weeks.
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US President-elect Donald Trump has been reported to be considering emergency measures to implement an increase in import tariffs, which has created a positive sentiment around gold. This potential move might incite a trade war in the near future, further boosting bullish sentiment for gold.
This positive outlook is bolstered by expectations that the November NFP report will reveal an increase of only 160,000 jobs, significantly lower than the previous month’s figure of 227,000.
DẦU
Oil (CLS10) prices climbed nearly $1 on Thursday, reaching $74.30 per barrel. This increase is attributed to expectations of rising demand for heating fuels in the US and Europe amidst winter conditions.
This sentiment is likely to continue impacting oil prices during European trading sessions.
EURUSD
The EURUSD pair has dropped for three consecutive days, closing on Thursday at 1.02990. Over this three-day period, the currency pair has declined by 905 points (90.5 pips).
The Federal Reserve’s growing concern over Trump’s policies has buoyed the dollar, exerting additional pressure on EURUSD. The Fed perceives a potential rise in inflation during Trump’s term, prompting a more cautious approach regarding interest rate cuts.
This has reinforced the strength of the US dollar, contributing to negative sentiment for EURUSD.
GBPUSD
Sell-offs of GBPUSD continue, driving it down to a 14-month low. GBPUSD closed yesterday’s trading at 1.23058 and has further declined today to 1.22840.
The recent selling in UK bonds has negatively impacted GBPUSD, as it reflects market pessimism about the UK economy, which adds to the adverse sentiment for the currency pair.
USDJPY
Profit-taking has led to USDJPY’s decline of 232 points (23.2 pips), landing at 158.093 during Wednesday’s trading session. Japan’s Ministry of Finance reported a significant increase in the minimum wage, the highest in 32 years, which positively influenced the yen and triggered profit-taking in USDJPY, previously hitting a six-month high.
However, by this afternoon, USDJPY has regained ground, rising to 158.421, indicating the continued dominance of the US dollar over the yen and the potential for further increases in the European trading session.
Nasdaq
US stock markets are experiencing significant sell-offs following reports that Trump will soon increase import tariffs. The Nasdaq index has seen a decline for three straight days, closing Thursday at 21,300.
This sentiment is expected to further influence Nasdaq trading as the market approaches the NFP data release tonight.
