US employment data better than expected, US dollar rebounded during trading Gold also bottomed out and rebounded
US employment data better than expected, US dollar rebounded during trading Gold also bottomed out and rebounded
Due to better than expected unemployment data in the United States last week, the US dollar strengthened against the euro, Swiss franc, and Swedish krone on the 18th, while the US dollar weakened against the pound, yen, and Canadian dollar. The US dollar index fell in the overnight market, transitioning from a decline to an increase in the morning and then experiencing strong volatility. In the end of the day, the US dollar index rose. The US dollar index, which measures the US dollar against six major currencies, rose 0.08% on the same day and closed at 103.534 at the end of the foreign exchange market.
On Thursday (January 18th), gold prices regained some of their lost ground, boosted by safe haven demand driven by the Middle East conflict. The rise of the US dollar is still hindered by the 200 day moving average, which also provides an opportunity for gold prices to rebound. Investors are waiting for further clues about the future interest rate path of the Federal Reserve.
On Thursday (January 18th), the International Energy Agency (IEA) and the Organization of Oil Producers (OPEC) jointly predicted strong global oil demand growth, with cold winter weather disrupting US crude oil production. The government reported a significant weekly reduction in crude oil production, leading to a slight increase in oil prices.