US employers posted more open job positions in the second month of the year, official figures revealed on Tuesday. According to the Job Openings and Labor Turnover survey published by the Labour Department, job openings advanced 2.1% to a seasonally adjusted 5.7M during the reported period, following the preceding month's 5.6M and surpassing market analysts' expectations for a decrease to 5.59M. That marked the highest level since July 2016. February's gain boosted the jobs opening rate to 3.8% after it remained steady at 3.7% for four consecutive months. Nevertheless, hiring fell to 5.3M in February, compared to 5.4M registered in the preceding month. Therefore, the hiring rate dropped to 3.6% from 3.7% in January.
Analysts stated that the US labour market is at or close to full employment, with the unemployment rate at a near 10-year low of 4.5%. Monthly job openings are closely followed by the Federal Reserve Chair Janet Yellen, as it is considered as a key barometer of economic conditions and the labour market trends. On Monday, the Fed Chair hinted at two more rate hikes this year, and some analysts suggested that the Fed might want to pull the trigger in June. After the release, the USD/JPY pair dropped to 100.58, its lowest level since November 18.
Upcoming events: Donald Trump speaks
The most notable event, which has been scheduled to occur during Wednesday's trading session, will offset everything else. The US President Donald Trump is set to give a speech at 10:00 GMT. He is most likely to address the latest global events, which have caused a run to safety in finance.
Gold skyrockets on political turmoil
Daily chart: The US and Russian tensions over Syria and North Korean nuclear threats are the driving force behind the surge in the value of the yellow metal. Due to the combined effect of the global political turmoil a run to safety has caused the bullion's price to jump and touch the 1,280 level on Wednesday morning, which is a two percent increase, if compared to Tuesday's opening price. It is most likely that the fundamentals will continue to dictate the fluctuations in the commodity price, as technical analysis has become impaired on the daily chart.Markets become neutral
Spreads (avg,pip) / Trading volume / Volatility
Market participants foresee the price of Gold being near 1,300 in July
Traders who were asked regarding their longer-term views on gold between March 12 and April 12 expect, on average, to see the metal near 1,300 in July. Generally, 51% (+2%) of participants believe the price will be above 1,300 in ninety days. Alongside, 34% (-5%) of those surveyed reckon the currencies will trade in the range between 1,100 and 1,300 over the next three months.