Gold to get momentum on USD sell off Next weekThis am following the jobs numbers in the US
The dollar fell after a U.S. labor report eroded confidence that the Federal Reserve is moving closer to raising interest rates.
The U.S. currency slid against most of its major peers as the release showed companies added 126,000 jobs in March, the fewest since December 2013. The median forecast in a Bloomberg survey called for a 245,000 increase. The unemployment rate held steady at 5.5 percent.
“We’ll probably see a pretty nasty sell-off in the dollar,” said Omer Esiner, chief market analyst at the currency brokerage Commonwealth Foreign Exchange Inc. in Washington. “The market’s very divided on the timing of a Fed rate hike so certainly I think this will push out expectations for when the Fed first raises interest rates, probably toward the end of the year.”