Next Week Macro Outlook: US-Iran at Another Crossroads! Non-Farm Payrolls Unlikely to Help Gold Break the Stalemate

BlockBeats News, May 3rd. On Friday, U.S. President Trump accused the leadership in Tehran of being disunited, hindering progress towards a deal to end the nine-week-old conflict that has sparked a global energy crisis. He stated that he could not agree to Iran's "request," but some traders interpreted this as a negotiation strategy rather than a complete abandonment of peace efforts.

Meanwhile, reports of Tehran conveying a new proposal to Washington via Pakistan also helped push down oil prices. Iranian Foreign Minister Aragchi stated that Iran is prepared to continue diplomatic efforts with the U.S., but added that its armed forces remain "highly vigilant." WTI crude oil fell nearly 3% on Friday, to around $103 per barrel, with a weekly gain of about 7%. The S&P 500 index extended its record-breaking rally on Friday, marking the fifth consecutive week of gains, bolstered by strong earnings reports from tech giants.

Wednesday 8:15 PM, U.S. April ADP Employment Report
Thursday 7:30 PM, U.S. April Challenger Job Cuts
Thursday 11:00 PM, U.S. April New York Fed 1-Year Inflation Expectation
Friday 8:30 PM, U.S. April Unemployment Rate, Nonfarm Payrolls, Average Hourly Earnings YoY/MoM
Friday 10:00 PM, U.S. May 1-Year Inflation Expectation Preliminary, U.S. May University of Michigan Consumer Sentiment Index Preliminary, U.S. March Wholesale Sales MoM

Next week, traders will closely watch U.S. employment data, especially Friday's nonfarm payroll report. Forecasters expect the April nonfarm payrolls report to show a solid addition of 60,000 jobs, accelerating wage growth, a stable unemployment rate, and an increase in the labor force participation rate. According to Bloomberg's survey of economists, private payroll growth may be even stronger.