From Investing.com: 2024-06-07 03:12:00

Today’s NFP data influenced the rise of gold prices as the DXY weakened following worse-than-expected US Jobless Claims report. The XAU/USD rose by 0.87% with expectations of a rate cut by the Federal Reserve (Fed) in September. Despite a decline in physical gold demand, escalating global tensions support gold prices. The EUR also rose by 0.18% despite a rate cut by the ECB. Market participants await the US nonfarm payroll (NFP) report to determine the possible US interest rate path.

The JPY strengthened by 0.33% as the USD weakened on the back of lower-than-expected US Jobless Claims data. Market expectations of two Fed interest rate cuts in 2024 has elevated, impacting the DXY. BOJ governor Ueda mentioned inflation expectations are gradually rising but haven’t hit the 2% target. USD/JPY saw a slight rise amidst reduced foreign reserves. Traders should focus on the US NFP report, as it can impact USD/JPY movement in the Forex market.



Read more at Investing.com: Gold, Euro Rise Ahead of Key NFP Report