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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Near Unchanged Ahead Of US Non-Farm Payrolls
Gold is little changed in the Asia-Pac session. The precious metal closed near unchanged at $1940.19 on Thursday after dipping slightly intraday amidst a recovery for the US dollar.
- Nevertheless, bullion is headed for a second weekly gain, buoyed by lower US Treasury yields after weak employment data earlier in the week.
- On Thursday, US inflation data met economists’ forecasts, easing pressure on the Federal Reserve to continue raising rates. The core PCE deflator printed at +4.2% y/y but showed a slight acceleration from the +4.1% seen in June.
- The market’s attention now turns to the release of the US Non-Farm Payrolls data later today. An increase in payrolls of 170k is expected in August versus 187k in July. The unemployment rate is forecast to be unchanged at 3.5%.
- On Thursday, Fed Funds implied rates showed cumulative hikes of +3bp for Sep and +11.5bp for Nov to a terminal 5.45%, followed by 51bp of cuts to Jun’24 and a cumulative 122bp of cuts to Dec’24.
- According to MNI's technicals team, gold continues to sit close to resistance at Wednesday’s high of $1949.05.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.