Wednesday, April 17, 2024

Inflation and unemployment data defy expectations… Gold and dollar rise together

Date:

US inflation – producer prices – and unemployment data have just been released, which will provide more clues about the Fed’s next monetary policy actions.

Unemployment data indicates a significant slowdown in the labor market after jobless claims rose. Meanwhile, the producer price index followed the lead of the consumer price index, which missed expectations and rose less than expected.

The data is now published

The producer price index rose 0.2% on a monthly basis in April, while experts had expected a 0.3% rise, while it registered a 0.5% drop in March, but the reading was revised down to only 0.4%. .

On a year-on-year basis, the index posted a 2.3% increase from April, while expectations were for a 2.4% rise and 2.7% in March.

The producer price index (excluding food and energy) rose by an expected 0.2% month-on-month in March. On a year-over-year basis, it increased by 3.2%, and expectations indicated a 3.3% increase.

Jobless claims came in at 264K, beating the consensus forecast of 220.35K. Especially last week it recorded 239.25 thousand.

Thus, the average number of jobless claims rose to 245.25 thousand in 4 weeks from 239.25 thousand in the previous week.

Now the markets

Spot gold rose 0.3% to $2,036 an ounce.

U.S. gold futures rose 0.25% to $2,043.

On the other hand, the dollar index gained 0.22% to register 101.50 points.

Brent crude is now down 0.5% at $76 a barrel.

Texas crude was down 0.6% at $72.1 a barrel.

See also  Saudi Arabia's oil exports hit a 19-month low in May
Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

Share post:

Popular

More like this
Related

Unlocking the Power of Booking Engines in the Hospitality Industry

In an era dominated by technology, the hospitality industry...

Boost Your Sales with Perfect Banner Printing Services in Dubai

In the fast-paced world of business, effective advertising is...

Defend Against DDoS Attacks with Qrator Labs’ Anti-DDoS Solutions

Protecting your online assets from DDoS (Distributed Denial of...

UAE Powering Gaming Boom in the Middle East

The gaming industry in the Middle East is experiencing...