Gold prices edge higher on raised Fed rate cut hopes
Investing.com -- The U.S. dollar has fallen to its lowest level since February 2022 as uncertainty surrounds American trade and fiscal policies.
President Trump’s 90-day pause in reciprocal tariffs is scheduled to end on July 9. At the same time, the Senate is conducting a marathon vote on Trump’s tax and spending bill.
Investors are becoming more cautious as they await important U.S. labor market data this week. These include the job openings and turnover survey at 1400 GMT and the nonfarm payrolls report on Thursday.
According to Commerzbank (ETR:CBKG)’s Volkmar Baur, if the upcoming data is much weaker than expected, it would increase the likelihood of the Federal Reserve cutting interest rates in July, which would likely further weaken the dollar.
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