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Gold Price Forecast: XAU/USD to regain bearish momentum with a break below $1,770
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Gold Weekly Forecast: Sellers look to retain control following uninspiring rebound
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6/3/2021 2:01:55 PM GMT | By FXStreet Team
The economic activity in the US service sector expanded at an impressive pace in May with the Institute for Supply Management (ISM) Services PMI climbing to a new series high of 64 from 62.7 in April. This reading came in stronger than the market expectation of 63.
Further details of the publication showed that the Prices Paid Index jumped to its highest level since September 2006 at 80.6. Additionally, the New Orders Index improved modestly to 63.9 from 63.2 while the Employment Index edged lower to 55.3 from 58.8.
Commenting on the data, the rate of expansion is very strong, as businesses have reopened and production capacity has increased, said Anthony Nieves, Chair of the ISM Services Business Survey Committee. However, some capacity constraints, material shortages, weather-related delays, and challenges in logistics and employment resources continue.
USD/CHF remains on track to post highest daily close in three weeks near 0.9050NEWS |
6/3/2021 7:00:10 PM GMT | By Eren Sengezer
USD/CHF reached its highest level since May 14 on Thursday.
US Dollar Index posts strong daily gains after upbeat US data.
10-year US T-bond yield is rising more than 2%.
The USD/CHF pair broke out of its two-week range on Thursday and reached its highest level since May 14 at 0.9052 before going into a consolidation phase in the late US session. As of writing, the pair was up 0.78% on the day at 0.9046.
US T-bond yields jump ahead of NFP report
The broad-based USD strength in the second half of the day fueled USD/CHF s rally. The Automatic Data Processing (ADP) Research Institute reported on Thursday that the private sector employment in the US increased by 978,000 in May, compared to analysts estimate of 650,000. Additionally, the weekly data published by the US Department of Labor showed that the Init
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