- Gold’s drop is courtesy of the jump in US Treasury bond yields, a soft US Dollar. The US 10-year Treasury bond yield has risen five basis points (bps) to 4.665%, a headwind for the golden metal. At the same time, the Greenback, as measured by the US Dollar Index (DXY), has reclaimed the 106.00 milestone, up 0.52% to trade at 106.48.
- US Employment Cost Index (ECI), a measure of wages and benefits, increased by 1.2% QoQ after rising 0.9% at the end of 2023, exceeding forecasts of 1%, according to the Bureau of Labor Statistics (BLS). That would keep the Fed on its holding pattern as fears of inflation reaccelerating loom.
- US Conference Board (CB) Consumer Confidence dropped in April from 103.1 to 97, its lowest level since mid-2022, as Americans’ view of the job market and the outlook for the economy deteriorated.
- US economy continues to print mixed readings. Last week, the Gross Domestic Product (GDP) missed the mark. Still, inflationary data linked to the first quarter of 2024 sounded the alarm that the price trend is shifting to the upside, which might deter the Federal Reserve from easing policy sooner than expected.
- On May 3, the US Bureau of Labor Statistics (BLS) is expected to reveal April’s Nonfarm Payrolls figures, which are expected to come at 243K, below March’s 303K. The Unemployment Rate is estimated to stay at 3.8%, while Average Hourly Earnings would likely remain unchanged at 0.3% MoM.
- Data from the Chicago Board of Trade (CBOT) suggests that traders expect the fed funds rate to finish 2024 at 5.035%, down from 5.050% last Friday.
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