[MARKET ANALYSIS] XAU trades muted ahead of NFP and potential tariff decision
Importance
Level 1
- Spot XAU started the Asia-Pac session on the backfoot, slowly falling from USD 4484/oz to USD 4453/oz, before oscillating in a tight c. USD 25/oz band as the European morning continues as markets await the highly-anticipated NFP report and the potential SCOTUS tariff decision.
- Market expectations for the December NFP print is 60k, with JPM forecasting an inline to slightly stronger print. In regards to the tariff decision, Polymarket is pricing in a 74% chance of the Supreme Court to rule against the IEEPA-imposed tariffs.
- After 2 days of selling from its ATH at USD 13.39k/t, 3M LME Copper has started to rebound from Thursday’s trough of USD 12.52k/t and is currently trading at USD 12.92k/t as the European session continues. The recent selloff in red metal comes amid a selloff in the tech-heavy NQ, with copper being a much-needed material in the semiconductor space.
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