Oil and Gold Prices Set for Volatile Week Ahead
The week ahead will be crucial for oil and gold prices as several key economic indicators are set to be released.
The US services PMI is expected to increase from 54 points to 54.5, which could be bullish news for the Dollar.
In contrast, the Canadian unemployment rate is expected to remain stable at 6.5% in July, but any deviation from this figure will likely create volatility on loonie pairs.
The US job report will also be closely watched, with a slight increase in non-farm payrolls and an expected increase in unemployment rate.
In the oil market, prices fell after US President Donald Trump announced new talks with Iran, easing concerns over further escalation in the Middle East.
The decline reflected reduced geopolitical risk, but prices are unlikely to remain lower without an agreement that restores normal shipping through the Strait of Hormuz.
From a technical perspective, crude oil has come under renewed selling pressure after failing to sustain its rally above $90.