From Investing.com: 2024-06-04 03:23:00

Gold prices surged by 1% on Monday after weaker US ISM Manufacturing PMI data, reaching 2,350. Expectations of central bank rate cuts fueled the rally, with speculation of multiple Fed rate cuts this year, European Central Bank (ECB) rate cut, and potential cuts by Bank of Canada and People’s Bank of China. Attention today on US JOLTS Job Openings report to gauge market interest rate expectations.

EUR/USD rose to 1.09000 on Monday after breaking out of consolidation. Market awaits US Nonfarm Payroll report and JOLTS Job Openings data to impact US monetary policy outlook. ECB meeting this Thursday expected to cut rates. Eurozone inflation and ECB press conference will provide further guidance. Watch German unemployment data and US JOLTS report for EUR/USD trend.

AUD gained 0.67% as USD weakened post weak US manufacturing PMI data. US Dollar Index at one-month low. Australian dollar near two-week high amid mixed economic data. RBA shows concerns on inflation pressures. Market sees low chance of RBA easing, some speculate on rate hike. Watch for volatility from US JOLTS Job Openings report on USD pairs like AUD/USD. Investors await Australia’s Q1 GDP data for more insight into monetary policy.



Read more at Investing.com: Gold Rises on Weak US ISM Manufacturing Data; ECB Meet in Focus