Gold prices are expected to trade lower today: Angel Commodities

Federal Reserve Shelton

U.S. stocks finished slightly lower on Friday following a stronger than expected jump in hiring in June, which called into question the speed - but not the likelihood - of interest rate cuts by the Federal Reserve over what remained of 2019.

That being said, later on the market got a bit of relief due to Jerome Powell suggesting that the Federal Reserve was also going to do whatever it takes to keep the economy going, and other words keeping interest rates low.

The pan-European STOXX 600 index fell 0.05 percent at 390.02 points, while the FTSEurofirst 300 slumped 0.05 percent to 1,535.26 points.

Traders' focus quickly shifted to Federal Reserve Chairman Jerome Powell's Congressional testimony, due on Wednesday and Thursday, as well as US inflation data out later this week. "The data this week had been consistent with a continued slowdown in economic growth, however, don't but look weak enough to convince the Fed to cut rates of interest instantly", the analysis firm wrote on Friday. The greenback against a basket of currencies traded 0.2 percent up at 97.33, having touched a high of 97.44 on Friday, its highest since June 19.

Lower open likely for the U.S markets Monday as leading USA stock futures were down on Monday morning in the aftermath of the strong jobs data that hurt hopes for a Federal Reserve rate cut in July. The European currency traded flat at 1.1220, having touched a low of 1.1207 on Friday, its lowest since June 19.

Contracts for all three main US gauges pointed to a small retreat at the open.

Britain's FTSE 100 trades 0.1 percent down at 7,544.21 points, while mid-cap FTSE 250 eased 0.3 to 19,599.58 points.

USA producer prices are due on Friday.

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Germany's DAX Index decreased 0.1%. Despite the trade war and fragile global growth, the latest American labour report delivered signs the economy remains on track.

Energy stocks rose along with the price of crude oil.

A rate cut in the U.S may also prompt China's central bank to cut its rate for the first time in four years to support the slowing economy, according to analysts.

Spot gold jumped 0.5 percent at $1,406.79 per ounce, at 0721 GMT.

The kiwi was trading a 66.20 USA cents at 7:50 am versus 66.27 late Friday in NY and 66.77 at 5:10 pm Friday in Wellington. The yield on the benchmark 10-year Treasury yield remained 1-1/2 basis points lower at 2.030 percent, the super-long 30-year bond yields traded almost 2 basis points down at 2.530 percent and the yield on the short-term 2-year remained almost 1-1/2 basis points lower at 1.860 percent.

"The solid U.S. payrolls report dampened Fed rate cut expectations and dented the argument for a 50 bps cut by the end of the month".

The Australian government bonds plunged during early Asian trading session tracking sell-off in the U.S. Treasuries. Australia's 10-year yield added six basis points to 1.34%.

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