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Silver price retreats on Friday, dropping about 0.76% as US Treasury yields edged higher, capping US Dollar depreciation, while investors punished the Greenback following a soft US jobs report. The XAG/USD trades at $60.50 at the time of writing.XAG/USD Price Forecast: Technical OutlookThe white metal finished with weekly losses of over 6%, below the confluence of the 50- and 100-day Simple Moving Averages (SMAs) at $64.06-$64.74 and poised to test the $60.00 milestone in the near term.Bearish momentum continues to build as the Relative Strength Index (RSI) remains below its 50-neutral level and closer to the oversold level. Also, price…

The Mexican Peso (MXN) recovers some ground versus the US Dollar (USD) on Friday, gaining 0.5%, but it remains poised to end the week with a 3% loss as investors exit the ‘carry trade’ amid a narrowing of the interest rate differential between the US and Mexico to its lowest level since 2015. The USD/MXN pair edges down to 18.21, after peaking at 18.35.USD/MXN eases as weak US jobs temper Fed expectationsMexican Peso buyers find some relief, though the USD/MXN uptrend is set to continue amid the narrowing of the interest rate differential. The Bank of Mexico (Banxico) private economists’…

Kolkata: India’s foreign exchange reserves shaved off $18.343 billion in the week to September 25, making it the third weekly drop in a row after scaling an all-time high of $785.706 billion.India lost $38.149 billion in the past three weeks, after hitting the record high at the end of September 4. The reserves stood at $747.557 billion at the end of the reporting week, RBI data showed.The dip in reserves reflects the size of the central bank’s foreign market intervention to stem the rupee’s sharp depreciation, market participants said. It reflects revaluation of foreign currency assets held in other currencies…

Gold prices dropped on Friday, with the yellow metal struggling to decisively break the $4,200 milestone. The precious metal is down nearly 1% as US Treasury yields edge higher following a less-than-stellar US employment report. The XAU/USD trades at $4,138 after peaking at $4,227 earlier in the session.XAU/USD retreats as elevated Treasury yields overwhelm softer US jobs dataUS Nonfarm Payrolls in September were well below estimates of 90K, coming at just 29K, shy of August’s downwardly revised figure of 133K. This pushed the Unemployment Rate from 4.1% to 4.2%, a tenth up on the Federal Reserve’s (Fed) projections for 2026…

Chicago Federal Reserve (Fed) President Austan Goolsbee said in an interview with Fox Business that the labor market is steady and that “the inflation side of the Fed’s job is more important.”Goolsbee said he is open to seeing if there’s evidence that prices are moving toward the Fed’s 2% goal and that he “won’t rule out any decision at the next rate meeting.”Key highlights:Labor market is steady, the inflation side of the fed’s job is more importantPlenty of room for anything on the table as far as rate hike or pauseOpen to seeing if we get evidence we are heading…

NZD/USD advances on Friday and trades around 0.5610 at the time of writing, up 0.12% on the day. The New Zealand Dollar (NZD) benefits mainly from the decline in the US Dollar (USD), which comes under pressure following a significantly weaker-than-expected employment report. However, concerns surrounding the New Zealand election limit the Kiwi’s bullish momentum.The United States (US) Bureau of Labor Statistics (BLS) reported on Friday that Nonfarm Payrolls (NFP) increased by only 29K in September, well below market expectations of 90K. Revisions to previous months further highlight the weakness of the report. August job creation was revised down to…

US employers added 29K jobs in September against a forecast of 90K, and July and August were revised down by a combined 60K. The unemployment rate rose to 4.2%, and hourly pay grew 3.0% over the year against a 3.2% forecast. Traders now see about a one-in-five chance of another rate hike on October 28, and the two-year Treasury yield, which moves most with Fed expectations, fell. The Dollar fell on a first estimate, and backward revisions have dragged July and August down into net loss territory. A lower US yield means less extra interest for holding Dollars over Euros,…

The Pound Sterling (GBP) rises by over 0.41% against the US Dollar (USD) on Friday, as the US Unemployment Rate rises amid a worse-than-expected Nonfarm Payrolls report for September. At the time of writing, GBP/USD trades at 1.3250 after bouncing off daily lows beneath 1.3200.Sterling rallies as weak US hiring pushes markets firmly toward Fed holdUS employment data showed that in September, the Unemployment Rate rose from 4.1% to 4.2% as the economy added just 29K to the workforce, well below estimates of 90K. August’s figures were revised down from 162K to 133K.After the report, money markets increased their bets…

TD Securities’ Macro Research’s FX team notes the softer US payrolls data is only marginally negative for the Dollar, with the labor market still described as buoyant and neither overheating nor deteriorating. They argue market pricing for Fed hawkishness has likely peaked and see near-term rate hike expectations easing in both the US and Europe. TD sees limited upside for USD”FX: We have a greater conviction to fade the USD rallies than to chase the USD to a new high.””The softer payrolls report (headline, AHE, revisions) is marginally weighing on the USD.””It is hard for us to see persistent bullish…

TD Securities analysts characterize the upcoming September FOMC minutes as largely outdated given subsequent employment and PCE data. The minutes are expected to show disagreement over how much further tightening is needed, but broad consensus that policy should remain more restrictive.Stale minutes with cautious policy tone”The September FOMC minutes will be largely stale given the employment report and PCE data releases since the meeting.””The minutes will likely note there was disagreement on the extent of tightening this year despite broad agreement that rates should be more restrictive.””In line with the SEP and recent Fedspeak, “most” participants likely saw no urgency…