ASIAN SESSION – GOLD EXTENDS LOSSES; ALL EYES ON US JOBS REPORT
Buz Investors ASIAN SESSION The dollar remains relatively strong, posting gains against most major counterparts with the exception of the euro which was helped in the aftermath of yesterday’s ECB meeting and subsequent press conference by its President, Mario Draghi. As a result of dollar strength, gold was pushed below $1200 an ounce.
The European Central Bank signaled yesterday it currently does not plan to take further accommodative measures to boost the Eurozone economy as there are positive signs on the horizon. This helped a euro that was already strong due to favorable developments on the political front; namely Emmanuel Macron gaining in the polls against anti-EU rival Marine Le Pen.
OTHER STORIES BUZ TRADERS FOLLOW
The dollar continued to post losses against the euro during today’s Asian trading, though more moderate ones relative to yesterday’s European session trading. Euro / dollar was eyeing the 1.06 level in late Asian session. Relative to the yen, the greenback advanced yet again, this time surpassing the 115 yen level and setting a new seven-week high.
Investments out of Japan and into the US currency are partly coming on the back of rising US Treasury rates. Treasury yields extended their run with the 10-year note rate advancing for a tenth day to climb above the 2.6% mark, posting its longest streak since 1974.
Gold is extending its losses for a fifth straight day to record its longest losing run since October last year. The precious metal has been losing its attractiveness on improving expectations about the US economy, which are leading to a stronger dollar. Today it slid below the $1200 an ounce psychological level to reach a low of $1196.71, while in late Asian session it was close to its lows.
WTI crude oil rose from the three-month low reached recently but remains below the $50 a barrel level.
Further ahead, the main highlight of the day would be the much-awaited US jobs report with employers expected to have added 190,000 workers to payrolls, according to a poll by Reuters. The Canadian jobs report and manufacturing data out of the UK will also be on the watch list.
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