U.S. nonfarm payrolls decreased unexpectedly in August, after two consecutive months of gains. The U.S. economy added just 151k jobs in August vs. 180k jobs expected and the unemployment rate stayed unchanged at 4.9%. Despite such data, the greenback traded high amid expectations that Fed could hike interest rates in September. The U.S. dollar index rose as much as 20 pips and settled at 95.88.
Gold prices surged by 1% at the end of last week’s trading session after Friday's disappointing U.S. non-farm payroll data. On last week, the yellow metal failed to settle above $1,330, which could pave the way for further declines towards $1,315 and $1,300.
Last week, the euro failed to manage its gains vs. USD and settled above $1.11.
GBP closed slightly below the $1.33 level. On the other hand, cable could be affected by Theresa May’s comments as she said ‘Brexit may bring difficult times.’
An agreement to freeze oil production levels will be discussed at the meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Algeria later this month, Russian Energy Minister Alexander Novak said. U.S. Crude oil rose as much as 3% on Friday as the U.S. non-farm payroll report shocked the markets.
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