Key Points: The dollar retreats after the lowest hiring rate since 2023. Gold remains strong due to weak data and trade tensions. Oil falls after Saudi pressures to increase OPEC+ production. The WSJ Dollar Index dropped 0.43% to 95.23 points, its second-lowest level this year, affected by a surprising cooling of the U.S. labor market. According to ADP, only 37,000 private-sector jobs were created in May, far below the consensus of 110,000, marking the lowest level since March 2023. Trump publicly urged the Fed to cut rates, while the market adjusts expectations ahead of Friday’s payroll report. Gold remains stable, supported by weak U.S. macroeconomic data and rising tensions with China. Spot gold trades at $3,374.86 per ounce, with marginal movements, as weak service sector and employment data reinforce safe-haven demand. Quasar Elizundia of Pepperstone noted that geopolitical pressures and trade disputes continue to support precious metal prices. Oil fell after reports indicated Saudi Arabia is pushing OPEC+ to accelerate production increases in August and September. WTI dropped 0.3% to $62.65, and Brent fell 0.1% to $64.79 per barrel amid fears of oversupply. Natural gas remains stable ahead of inventory data, closing at $3.716 per million BTU, awaiting the EIA storage report. Analysts project a sixth consecutive week of triple-digit increases, though summer demand may slow accumulation. Eli Rubin of EBW Analytics warned that heatwaves in July could collapse weekly flows to single digits.
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