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Gold Jun '30 (GCM30)

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Gold Futures Market News and Commentary

Dollar Rises as Soaring Crude Prices Boost T-Note Yields

The dollar index (DXY00) today is up by +0.39%.  The dollar is climbing today as soaring crude prices are boosting T-note yields, strengthening the dollar's interest rate differentials. Also, today's US economic reports, which showed a smaller-than-expected increase in weekly jobless claims and a larger-than-expected increase in Q4 nonfarm productivity, are supportive of the dollar.  Gains in the dollar accelerated today on hawkish comments from Richmond Fed President Tom Barkin, who said he expects "a couple of months of high inflation."

US Feb Challenger job cuts fell -71.9% y/y to 48,307.

US weekly initial unemployment claims were unchanged at 213,000, showing a stronger labor market than expectations of 215,000.

Q4 nonfarm productivity rose +2.8%, better than expectations of +1.9%.  Q4 unit labor costs rose by +2.8%, stronger than expectations of +2.0%.

Hawkish comments today from Richmond Fed President Tom Barkin were supportive of the dollar when he sai... Read more

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