Service sector data ends poor run, Nonfarm Payrolls eyed
The outlook for the US economy gained a lift on Wednesday after a combination of higher-than-expected ISM Services PMI data for May and tech-sector optimism. The move led to a rebound in the US Dollar (USD).
US employment data on Friday is keenly awaited and could impact Gold price. The US Nonfarm Payrolls (NFP) report is expected to show a rise of 185K in May, however, negative JOLTS Job Openings data and a lower-than-expected ADP Employment Change this week have reduced investor-optimism regarding the US Bureau of Labor Statistics report.
If the NFPs also show weakness, it would probably weigh on the USD and further increase bets the Fed will cut interest rates early, providing a backwind to Gold price.
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