Article by: ETO Markets
Gold (XAU/USD) is trading around $2,040 with little change on Thursday, adjusting from earlier gains in the American session. The US Dollar faced slight pressure on Wednesday due to mixed data and the Federal Open Market Committee (FOMC) Meeting Minutes. In mid-December, the Federal Reserve (Fed) discussed the possibility of rate cuts, as mentioned by Chair Jerome Powell. However, the Minutes don't provide clarity on when the Fed might take action, only suggesting it could happen in 2024.
In other news, the US released the ADP survey on private job creation, revealing the addition of 164,000 new positions, surpassing the expected 115,000. The report also indicates that the labor market is closely aligned with pre-pandemic hiring, hinting at a more stable situation. Looking ahead, the US is set to publish the Nonfarm Payrolls (NFP) report on Friday, expected to show an addition of 170,000 new jobs in September.