Recent economic indicators presented a mixed picture for market observers, influencing currency valuations and commodity pricing significantly. The interplay between employment figures and production decisions created notable shifts across major asset classes.
Dollar Weakens on Ambiguous US Jobs Data
The US dollar experienced a decline for the second consecutive session. The Wall Street Journal Dollar Index reflected this softness, shedding 0.4% to close at 96.01. This marks the index’s fifth-lowest point this year and represents a 6.56% decrease during 2025.
While April’s job creation surpassed forecasts with 177,000 new positions added, other elements within the employment report tempered enthusiasm. Wage growth came in at 3.77%, slightly below the anticipated 3.9%. Furthermore, downward revisions to March’s employment figures contributed to the dollar’s inability to sustain an initial rebound driven by the headline job number.
Gold Eases Slightly After Technical Surge
Gold prices saw a minor pullback, decreasing by 0.1% to $3,333.67 per ounce. This modest dip followed a significant 2.5% gain recorded in the prior session on Monday. Market analysts largely viewed this movement as an anticipated technical correction following the sharp rally.
According to Matt Simpson at FOREX.com, the precious metal maintains a generally positive outlook on daily charts. Key technical support is identified around the 20-day moving average. Investor attention is now centred on whether gold can consolidate its position above crucial price zones, thereby reinforcing its current upward trend channel.
Oil Prices Retreat Following OPEC+ Supply Decision
Crude oil benchmarks faced downward pressure after the OPEC+ group announced plans to increase production. The coalition intends to raise output by 411,000 barrels per day in June, accelerating the rollback of previous voluntary supply cuts.
As a result, West Texas Intermediate (WTI) crude settled at $57.13 per barrel, a drop of 2%. Brent crude experienced a similar decline, falling 1.7% to $60.23 per barrel. Looking ahead, Ritterbusch & Associates suggests that oil prices remaining below the $60 mark could negatively impact profitability for drilling operations. This economic pressure might potentially lead to a slowdown in production increases from key non-OPEC+ regions like the United States, Brazil, and Canada, which could help stabilize prices in the coming months.
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