Forex Marketz Daily Forex News – Fully Markets Update
Gold futures contracts moved higher during the Asian trade session on Monday during the Asian trade session. Traders were and are digesting dismal non-farm payroll (NFP) data released last Friday for the month of March.
This labor data is through 12 March and indicates that the worst is yet to come. This boosted safe haven assets including the U.S. dollar and the non-fiat yellow metal.
As of 12:55 am GMT, the widely traded spot gold futures contract was trading higher. This contract gained 0.2 percent to trade at $1,618.90 per ounce.
The U.S. gold futures contract, for front end delivery, was trading flat at $1,645.90 per ounce.
The U.S. dollar was trading at better than one week high against its key G-10 trade partners. This makes the bullion more expensive for those using other currencies other than the greenback.
Other futures contracts, like the spot palladium contract was down 0.6 percent to trade at $2,175.81 per ounce. Spot platinum was up two percent to fetch $734.82 per ounce and Silver edged higher by 0.4 percent to trade at $14.45 per ounce.
Gold Traders Digest the Non-Farm Payroll (NFP) Report
On Friday, for the month of March the world’s largest economy released key labor data. The non-farm payroll data showed that the U.S. economy contracted by 701,000 jobs. This brought to an end of a record setting 113 months in a row of employment growths.
This was it worst print since 2009. The unemployment rate rose to 4.4 percent as the United States is shuttering vast swaths of their economy to stop the spread of the Covid-19 contagion. These measures have closed businesses, factories, restaurants, hotels and more.
The Federal Reserve Board feels that the $2.3 trillion economic fiscal stimulus package approved by Congress was appropriately sized.
Traders digest other concerning Economic Data
Economic data out of the United Kingdom has shown that consumer confidence has plunged to its lowest level in over 45 years. The UK economy continues to slow as the government enacts more measures to slow the pandemic. U.K. Prime Minister Boris Johnson has also been hospitalized for persistent Covid-19 symptoms.
Japan’s Prime Minister, Shinzo Abe, says that he will declare a state of emergency over the Covid-19 pandemic. Japan has reported that over one thousand are now infected in Tokyo.
