Weak Economic Data Fails to Weigh on Dollar, Gold Struggles to Rebound

Market Overview

Comments from U.S. Commerce Secretary on progress in tariff negotiations—some reportedly finalized and awaiting approval—boosted investor sentiment. Hopes for a trade agreement helped extend gains across U.S. equities, with all three major indexes hitting intraday highs. The S&P 500 marked its sixth consecutive day of gains, the longest winning streak in three years.

Meanwhile, a series of disappointing U.S. economic indicators sent Treasury yields to a three-week low. Despite the weak data, the U.S. Dollar Index rebounded. Gold prices, pressured by optimism around trade talks, fell more than 1% intraday. Crude oil extended its losses for a second day, briefly dropping 3% as concerns over global trade tensions clouded demand outlook, closing at a more-than-two-week low.

Hot Topics to Watch

● U.S. March JOLTS Job Openings Fall to Six-Month Low

Job openings in the U.S. declined to 7.192 million in March, missing the forecast of 7.5 million and falling short of all surveyed economists expectations. However, layoffs decreased, hiring remained stable, and a higher number of employees voluntarily left their jobs—somewhat offsetting the headline weakness. Treasury yields dipped shortly after the data release. According to sources close to the Fed, the trend of slow hiring and slow firing continued into March.

● Amazon Drops Plan to Display Tariff-Related Price Hikes After White House Backlash

According to CCTV, Amazon initially considered labeling additional costs from former President Trump‘s tariff policies on certain products. The move was swiftly condemned by White House Press Secretary Karine Jean-Pierre as a “hostile political act.” An Amazon spokesperson later clarified that the team overseeing Amazon Haul—the retailer’s ultra-discount platform—had floated the idea, but it was never approved and will not be implemented. The initiative was never intended for the main Amazon site.

Key Data to Watch (GMT+8)

• 20:30 US Q1 Employment Cost Index (QoQ), US Q1 Real GDP (Annualized, Preliminary), US Q1 Real Personal Consumption (QoQ, Preliminary), US Q1 Core PCE Price Index (Annualized, Preliminary), Quarterly Refunding Statement

• 21:45 US April Chicago PMI

• 22:00 US March Core PCE Price Index (YoY), US March Personal Spending (MoM), US March Pending Home Sales Index (MoM), US March Core PCE Price Index (MoM)

• 22:30 US Weekly EIA Crude Oil Inventories (Week Ending April 25)