Market News - Gold, Oil & Forex

Canada's economy showed signs of weakness in early 2026, but upcoming May jobs data is expected to reveal a moderate uplift. Analysts anticipate job growth of around 25,000 positions and a potential dip in the unemployment rate to 6.8%.

Markets are closely watching Friday's U.S. employment report for May, with expectations of 105,000 new jobs and a 4.4% unemployment rate, which could indicate a labor market not deteriorating but also not significantly improving.

Gold futures broke above $4,500 per ounce on Friday, driven by increasing optimism for a de-escalation in the U.S.-Iran conflict and the potential reopening of the Strait of Hormuz. Silver also saw significant gains, reflecting a broader shift towards precious metals as geopolitical tensions ease.

Crude oil prices experienced a significant downturn as market sentiment shifted towards optimism about a potential US-Iran Memorandum of Understanding that could reopen the Strait of Hormuz. WTI futures fell nearly 2% on the news.

The USD/JPY pair is flirting with the 160 level as stalled US-Iran negotiations and hawkish Federal Reserve rhetoric fuel inflation concerns. Traders are closely watching upcoming US Non-Farm Payrolls and Eurozone CPI data.

EUR/USD stalled below 1.1660 as the US Dollar defied expectations, refusing to weaken despite reports of a US-Iran ceasefire extension. Market participants remain cautious, awaiting concrete confirmation and assessing lingering inflationary pressures.

Canadian Highlights Markets swung on hopes of a Middle East truce, but the outlook remains fragile. Canada’s economy has stalled out over the past two quarters, with weak domestic demand and patchy investment pointing to subdued momentum. The upcoming CUSMA review is now central, as Canada looks to pair greater trade clarity with an energy […] The post The Weekly Bottom Line: Makings of a Deal appeared first on ActionForex.

The focus next week is Friday’s U.S. employment report, where we look for May nonfarm payrolls to rise by 105K and the unemployment rate to edge up to 4.4%. Taken together, the report should leave the broader message unchanged: the labor market is no longer deteriorating but still is not meaningfully improving, either. Earlier in […] The post Economics Week Ahead appeared first on ActionForex.

Canada’s economy had a soft start to 2026. Real GDP growth disappointed consensus expectations and was broadly unchanged in Q1 and the unemployment rate has edged higher. Still, we expect signs of stabilizing labour demand in the summer and hiring for the federal government census (typically 15,000 jobs) to have driven moderate job growth of […] The post Expect Canada’s Unemployment Rate to Tick Lower in May appeared first on ActionForex.

The New Zealand Dollar surged on Friday, with investors interpreting Reserve Bank of New Zealand (RBNZ) comments as a sign that interest rate hikes could resume sooner and be larger than previously anticipated. This hawkish pivot has created significant trading opportunities.