On Friday, the U.S. dollar failed to maintain its gains and dipped on weaker than expected non-farm payroll, as job creation fell sharply in May with just 138k vs. 185k, while the unemployment rate dipped to 4.3% vs. 4.4%.
Gold prices hit one month high after disappointing US non-farm payrolls data weighed on the Greenback and lowered expectations for more US interest rate hikes this year. The precious metal settled at $1,280 in anticipation of important releases and news, which are ECB interest rate decision and United Kingdom general election.
Euro hit $1,280 at the end of last week’s trading session. Technically, it could trade sideways due to German holiday.
Oil prices failed to pare its losses amid fears of more US drilling after climate deal withdrawal. The U.S. crude fell to $47.70.
The most important economic events:
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.