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NFP data pending
The dollar slipped from six-week high; up 1.5% for the week amid strong labor data and Middle East tensions
S&P 500: Falls as investors eye softer labor market, Middle East risks; stuck ranging before the release.
Gold: Below highs; resilient labor data could push prices lower, with support near $2,635
Oil: Surges amid geopolitical risks; WTI breaks $74, Brent up for seven straight days.
The dollar
The U.S. dollar eased a bit on Friday, stepping back from its six-week peak as markets awaited a key jobs report that could shape expectations for the upcoming Federal Reserve meeting. The index has risen close to 1.5% this week, marking its best weekly gain since April.
This week, the dollar has gained support from solid labor data—including job openings, ADP private payrolls, and weekly jobless claims—alongside increased safe-haven demand amid escalating tensions in the Middle East and potential risks to the global economy.
The stock market
The S&P 500 declined on Thursday as investors considered signs of a cooling labor market and continued geopolitical tensions in the Middle East, all just a day before the release of a critical monthly jobs report.
The S&P was last seen near 5716 continuing a side-way range from the start of the week.
Commodities
Gold prices continued to hover below record highs with non-farm payrolls pending. If the labor market continues to prove resilience it will favor the dollar and gold prices might slip to key support levels near $2635 and below. Spot prices are now trading near $2658.
Meanwhile oil prices were trading like a meme stock shooting higher on escalating tensions in the region. With WTI breaking above $74 and Brent near $78.48, up for the 7th consecutive day.
