US Dollar (DXY) Unchanged on Mixed US NFPs, Gold Grabs a Small Bid
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The June US Jobs Report (NFP) showed 206k new jobs created, compared to forecasts of 190k, but last month’s figure was revised markedly lower from 272k to 218k, a revision of 54k. The unemployment rate nudged higher to 4.1% from a prior reading, and forecast, of 4%, while average hourly earnings met forecasts of 3.9% y/y and 0.3% m/m.
The US dollar is little changed after the release with the dollar index (DXY) trading on either side of 105. US interest rate expectations edged around 4 basis points higher and are currently fully pricing in two, 25 basis point rate cuts this year.
US Dollar Index Daily Chart
Gold remains in a multi-month range and is testing levels last seen in early June.
Gold Daily Price Chart
Charts using TradingView
What are your views on the US Dollar and gold – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.
