investors await private labor market report
Gold price (XAU/USD) trades directionless after a stalwart rally as investors await US ADP Employment Change data for further action. The precious metal capitalized on softer job openings data, which accelerated hopes of an unchanged interest rate decision to be taken at the Septtember monetary policy meeting by the Federal Reserve (Fed). Employees' declining confidencee in the labor market gave comfort to Fed policymakers for keeping current interest rates at 5.25-5.50%.
Investors will keenly watch private sector employment data for August as Fed Chair Jerome Powell promised that further policy action will be data-dependent at the Jackson Hole Symposium. US ADP Employment Change has been outperforming consensus for the past four months. Weak labor demand from US private payrolls could allow Fed policymakers to discuss rate cuts sooner rather than later.
Gold price (XAU/USD) trades directionless after a stalwart rally as investors await US ADP Employment Change data for further action. The precious metal capitalized on softer job openings data, which accelerated hopes of an unchanged interest rate decision to be taken at the Septtember monetary policy meeting by the Federal Reserve (Fed). Employees' declining confidencee in the labor market gave comfort to Fed policymakers for keeping current interest rates at 5.25-5.50%.
Investors will keenly watch private sector employment data for August as Fed Chair Jerome Powell promised that further policy action will be data-dependent at the Jackson Hole Symposium. US ADP Employment Change has been outperforming consensus for the past four months. Weak labor demand from US private payrolls could allow Fed policymakers to discuss rate cuts sooner rather than later.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.