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USAGOLD/Peter Grant/07-06-17
Gold is consolidating at the low end of the recent range, weighed by the ongoing rebound in yields. However, despite a new 2-month high in the 10-year yield, the dollar index is back under pressure.
The ADP employment survey disappointed this morning, coming in at +158k jobs. That was below expectations of +189k. This perhaps sets up some downside risk for tomorrow’s U.S. jobs report, where nonfarm payrolls are presently expected to be +180k.
Initial jobless claims for last week were greater than expected and the trade deficit narrowed near expectations. Also on the calendar for today at services PMI and ISM, as well as EIA crude stocks and M2. We’ll also hear FedSpeak from Stanley Fischer.
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