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EUR/USD edges higher as gold jumps on weaker US labor data
Gold climbed more than 4% and the US Dollar Index eased to about 99.7 after ADP showed July private hiring slowing far more than forecast.
Metals led Wednesday price action, with gold rising more than 4% to around $4,247 per troy ounce and silver gaining nearly 5% toward $62.20, after a softer-than-expected US labor picture that showed private hiring decelerating. ADP private payrolls increased only 44K in July, below the 70K forecast and down from 98K the prior month, while the ISM Services PMI printed 54.1 versus 54.5 expected.
The US Dollar Index (DXY) eased about 0.16% to roughly 99.70, trading in a tight range for several days as reports pointed to a de escalation in the US-Iran war and markets looked ahead to possible resumption of peace talks.
In the major pair space, EUR/USD added about 0.15% and traded near 1.1550, extending its recovery after final HCOB surveys revised the July Eurozone Composite index up to 52.00.
Elsewhere, GBP/USD was up about 0.08% near 1.3460 and USD/JPY rose about 0.06% to around 157.80, with attention also on Bank of Japan June minutes showing policymakers debated price risks that could require further action.
Latest closeGold $4,308.50 ▲5.2%|Silver $62.32 ▲3.8%|EUR/USD 1.156 ▲0.4%