Latest news with #jobsData
Yahoo
30-06-2025
- Business
- Yahoo
Gold gains on dollar weakness, US jobs data awaited
By Anushree Mukherjee (Reuters) - Gold firmed on Monday as the dollar hovered near its lowest level in more than three years, while the market's focus shifted to a slew of U.S. jobs data due later this week that may influence the Federal Reserve's rate cut trajectory. Spot gold rose 0.7% to $3,294.57 per ounce as of 0815 GMT, after hitting its lowest since May 29 earlier in the session. Bullion has risen 5.4% so far this quarter U.S. gold futures gained 0.6% at $3,305.50. The U.S. dollar index hovered near its lowest level since March 2022. A weaker dollar makes greenback-priced bullion less expensive for other currency holders. [USD/] "I see two factors which are interlinked supporting gold. A weaker U.S. dollar and the ongoing pressure of President (Donald) Trump on the U.S. Federal Reserve to cut interest rates," said Giovanni Staunovo, an analyst at UBS. Trump said on Friday he would not appoint anyone to head the Federal Reserve who would not support lowering interest rates. On the U.S. data front, investors awaited the ADP employment report due on Wednesday, and non-farm payrolls report on Thursday, which could provide insights into the Fed's future path for interest rate cuts. "The focus remains if the data suggests a further slowdown in economic activity, allowing the U.S. central bank to cut interest rates," Staunovo added. Investors are anticipating 65 basis points worth of Fed rate cuts by the end of this year, starting in September. Gold tends to gain appeal in a low-interest rate environment, as it offers no yield. On the trade front, Canada scrapped its digital services tax targeting U.S. technology firms late on Sunday, just hours before it was due to take effect, in a bid to advance stalled trade negotiations with the United States. Spot silver rose 0.5% to $36.16 per ounce, platinum firmed 1.9% to $1,364.72, while palladium was up 1.5% at $1,150.30.
Bloomberg
31-05-2025
- Business
- Bloomberg
UK Considers Forcing Households to Fill Out Key Economic Surveys
UK officials are probing the legal and practical implications of forcing households to fill out key economic surveys after a collapse in responses left the Bank of England in the dark over jobs data crucial to its interest-rate decisions. The UK Statistics Authority is carrying out detailed work on whether Britain can feasibly shift to a mandatory labor market survey after a review recommended exploring the option last year, a spokesperson told Bloomberg News.
Bloomberg
30-05-2025
- Business
- Bloomberg
UK Probes Feasibility of Forcing Public to Complete Labor Survey
UK officials are probing the legal and practical implications of forcing households to fill out key economic surveys after a collapse in responses left the Bank of England in the dark over jobs data crucial to its interest-rate decisions. The UK Statistics Authority is carrying out detailed work on whether Britain can feasibly shift to a mandatory labor market survey after a review recommended exploring the option last year, a spokesperson told Bloomberg News.
Forbes
12-05-2025
- Business
- Forbes
The 2025 Fed Meeting Calendar And What Markets Expect For Interest Rates
Interest rates have been held steady as the Federal Open Market Committee have held three of its eight scheduled meetings of 2025. Markets expect that the FOMC will cut rates from their current level of 4.25% to 4.5% by December, probably to under 4%. However, any potential cuts are now expected for interest rates depending on how the economy performs. Prior expectations were for the first interest rate cut of 2025 to perhaps come in June, but based on recent comments from policymakers, a July or September cut is now more likely. The challenge is that policymakers are waiting for economic data to reveal how tariffs and other policies are impacting the U.S. economy. On the one hand, tariffs may trigger inflation, requiring perhaps higher rates or limiting potential cuts. However, on the other hand, the risk of slowing growth could create impetus for lower interest rates to spur the economy. That said, for now, despite elevated uncertainty and soft survey data, jobs data up to the month of April has remained robust and inflation subdued according to reports up to the month of March. The FOMC is scheduled to announce interest rate decisions on June 18, July 30, September 17, October 29 and December 10. Of these, the June, September and December meetings may prove more informative because FOMC officials will update their Summary of Economic Projections. That will include forecasts for interest rates and various economic variables. In addition, the FOMC can update interest rates whenever they wish in the event of more extreme economic events, though is this not common. FOMC officials have recently emphasized the high degree of uncertainty and potential downside risks for the U.S. economy. Governor Michael Barr said, 'The outlook has been clouded by trade policies that have led to an increase in uncertainty, contributing to declines in measures of consumer and business sentiment. I expect tariffs to lead to higher inflation in the United States and lower growth both in the United States and abroad starting later this year.' At a speech in Iceland on May 9. He also noted that, 'The FOMC may be in a difficult position if we were to see both rising inflation and rising unemployment.' Fed Chair Jerome Powell made a similar statement regarding uncertainty during the press conference after the FOMC's May decision saying, 'I think there's a great deal of uncertainty about, for example, where tariff policies are going to settle out, and also when they do settle out, what will be the implications for the economy for growth and for employment? And I think it's too early to know that. So I mean, ultimately we think our policy rate is in a good place to stay as we await further clarity on tariffs and ultimately our implications for the economy.' The chance of the FOMC cutting interest rates in June has fallen according to fixed income markets. However, there is a 50/50 chance of a July cut and at least one cut becomes very probable by September. Overall, markets anticipate a likely range of between one and four interest rate cuts in 2025. Two or three cuts are the most likely outcome by year-end, potentially leaving short-term rates in a 3.5% to 4% range. These forecasts are from the CME's FedWatch Tool, which interprets the implicit forecasts of fixed income markets for FOMC decisions. Overall, despite considerable economic uncertainty, the projection of markets is that rates will still come down in 2025. That's a similar assessment to earlier this year. FOMC officials are less ready to discuss near-term interest rate cuts in the face of economic uncertainty and are awaiting incoming data rather than predicting it. However, at the next FOMC meeting on June 18 even though rates aren't necessarily expected to move, policymakers will provide specific, updated expectations for interest rates in 2025. In addition, by then, further economic data will have been reported on how tariffs are impacting the economy.
