ATFX MU

Markets are heading into a fresh batch of economic data that will test market expectations this week.
From crucial US inflation figures and Fed Chair Kevin Warsh's congressional testimony, which may offer insights into the future direction of monetary policy and potential reforms.
Elsewhere, the UK will publish May GDP data, and China will release second quarter growth figures and key activity data, providing a broader assessment of the health of the world's second largest economy.

After softer-than-expected Nonfarm Payrolls data surprised markets last Thursday, the economic calendar is relatively lighter this week. The main focus will be on the FOMC meeting minutes for fresh clues on the Fed's rate outlook, as investors assess the balance between a cooling labor market and persistent inflation risks. Other key releases include the ISM Services PMI and inflation data from China, Germany, and Canada.

Gold edged closer to the $4,000 mark as investors awaited key U.S. labour market data, including the ADP Employment Report and Friday's Nonfarm Payrolls (NFP) report, which could influence Federal Reserve policy expectations.

The metal also faced pressure from a stronger U.S. dollar and higher Treasury yields amid expectations that interest rates may remain elevated for longer. Despite this, gold continues to find support from geopolitical tensions and central bank buying, with its near-term direction likely to depend on this week's U.S. jobs data.