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OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week’s key economic data releases, events, and gold’s flash rally on Monday toward a new record high. The short to medium-term dynamics at play for gold given that market expectations have increasingly skewed toward a Fed pivot. Based on CME FedWatch tool calculations, interest rate futures has indicated a significant chance of 57% for the first Fed funds rate cut to come as early as March 2024 FOMC. US non-farm payrolls out for November on Friday (8 Dec)  are likely to indicate softness in the US employment market as the consensus is calling for +185K of jobs added ( below the 1-year average) that may fuel more Fed dovish expectations in 2024.

Australia’s central bank, RBA is likely to keep the cash rate unchanged at 4.35% after a hike of 25 bps last month despite RBA governor’s recent hawkish rhetoric on domestic inflationary pressures in Australia.