Headlines: Gold sees early gains ease but buyers stay in a good spot in second half of the week Equities take a step back as investors can’t shake off AI spending concerns S&P 500 soars to record highs as geopolitical risks ease; focus shifts to US CPI data The dollar’s next…
ve hinges on inflation, while the yen waits for the BoJ US-based employers announce fewest job cuts in two years in July German construction activity continues to struggle at the start of Q3 UK construction slump eases in July amid rebound in client demand Markets: WTI crude oil up 0.8% to $75.80 USD leads, CHF lags on the day Gold up 0.2% to $4,255 S&P 500 futures up 0.1%, Nasdaq futures down 0.4% US 10-year yields up 2.6 bps to 4.64% Bitcoin down 0.3% to $64,565 It was a session where markets are taking a bit of a breather in not really chasing any moves too much. The jump higher in gold and tech selloff yesterday is still reverberating, and market players are gathering their steps again in approaching the second half of the week
Without any fresh developments on the US-Iran conflict, there wasn’t much else to work with on the session. As such, the focus and attention now shifts to the US non-farm payrolls tomorrow. Gold remains in the spotlight after early buying in Asia saw price run to a high of $4,303 before settling to $4,255 now – still up 0.2% on the day.
Meanwhile, oil prices are also keeping a little higher with WTI crude up 0.8% to $75.80 amid a more cautious mood surrounding the situation in the Middle East. In other markets, the dollar was not up to much as currency traders continue to be sidelined in trying to figure out their next steps after the USD/JPY joint intervention. The dollar is keeping steadier today with EUR/USD down 0.1% to 1.1540 and USD/JPY up 0.1% to 157.90 currently.