XAUUSD: Non-Farm Employment Change!

Technical analysis:

The EMA 34 and EMA 89 cross each other, showing a strong uptrend. The RSI is also above its average, providing further support for a bull market. It is clear that the uptrend is firmly established.

Predict the market after NF:

• The value of the US Dollar plummeted on Thursday due to the ongoing weakness of US Treasury bond yields. This was caused by a mix of economic data releases, which increased the likelihood of a pause in a US Federal Reserve (Fed) rate hike on June 14. The ADP reported that private sector employment in the US increased by 278,000 in May, surpassing expectations of a 170,000 increase. However, the US weekly Initial Jobless Claims rose to 232,000, which was slightly lower than the expected 235,000. Later in the day, the US ISM Manufacturing PMI and its sub-components showed a contraction in May, except for the Employment Index. Additionally, the quarterly United Labor Costs, which the Fed closely monitors, declined by 4.2% compared to the expected 6.0% and the previous 6.3%.
  

The escalation of the war led to an increase in the preference for gold as a reserve among investors. The trend towards gold is more robust than the economic revival.

Trade active:

US President Joe Biden has hailed Congress' approval of bipartisan legislation to raise the $31.4 trillion debt ceiling, a move that would prevent the federal government from defaulting on its debt.

"This is a great victory for the economy and the American people," Biden said, adding that he was looking forward to the bill being published.

This text came after arduous negotiations between Biden and the Republican Party, according to which Washington will be able to pay its payments until early 2025.

Comment:

JPMorgan raises 2024 economic outlook for India, but remains cautious of global headwinds.

Comment:

🟢A bill to lift the US government's $31.4 trillion debt ceiling is heading to President Joe Biden’s desk, after the Senate voted to pass the bipartisan deal.

Trade active:

The US Congress approves suspending the debt ceiling and avoids default

The US Senate on Thursday passed bipartisan legislation backed by President Joe Biden to raise the government's debt ceiling of $31.4 trillion, averting what would have been the first-ever default.

The Senate voted 63-36 to approve the bill, which passed the House of Representatives on Wednesday as lawmakers raced against the clock after months of partisan bickering between Democrats and Republicans.

The US Treasury has warned that it will not be able to make all of its payments on June 5 if Congress fails to act by then.

Senators rejected nearly a dozen amendments before a final vote to send the bill to Biden for signature before Monday's deadline.

Under the legislation, the federal borrowing limit is set to be suspended until January 1, 2025.

Comment:

US-listed Chinese stocks jump in premarket trading after Bloomberg News reported that regulators are considering new measures to aid the property market.

Trade active:

The OPEC + alliance is discussing possible options for its scheduled meeting on the fourth of June, including an additional reduction in oil production.

Trade closed: stop reached