Daily digest market movers: Gold price on the defensive after strong US jobs report
- US Bureau of Labor Statistics reported that May's Nonfarm Payrolls increased by 272,000, surpassing the forecast of 185,000 and April’s figure of 165,000.
- The Unemployment Rate jumped from 3.9% to 4%, while Average Hourly Earnings increased by 4.1% YoY, up from the previous 4%.
- A stronger-than-expected US NFP report sparked speculation that the Fed will keep rates higher for longer.
- After the data release, the December 2024 CBOT fed funds rate futures contract expects 27 basis points (bps) of easing, 12 bps less than on Thursday.
- Odds for a Fed rate cut in September were lowered from 55% to 47%.
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