Gold (XAU/USD) drifts lower for the second straight day – also marking the fifth day of a negative move in the previous six – and drops to a nearly two-week low during the Asian session on Wednesday.
Private-sector hiring in the US has increased in early June. According to the NER Pulse, the weekly companion to the ADP National Employment Report, companies added an average of 30.75K jobs per week in the four weeks ending June 6.
DBS Group Research economist Philip Wee argues that Sir Keir Starmer’s resignation and the upcoming Labour Party leadership contest should not trigger a repeat of the 2022 UK mini-budget crisis for the British Pound.