Daily digest market movers: Gold price advances post US NFP
- US Nonfarm Payrolls increased by 206K, surpassing the estimated 190K, but April and May's figures were revised down to 108K and 218K, respectively.
- Average Hourly Earnings (AHE) declined from 4.1% to 3.9% YoY, which is in line with expectations, while the Unemployment Rate increased from 4% to 4.1%.
- On Wednesday, the Federal Open Market Committee (FOMC) revealed June’s Meeting Minutes, which showed that most participants estimated that the current policy is restrictive but had opened the door for rate increases. Policymakers acknowledged the economy is cooling and could react to unexpected economic weakness.
- According to the CME FedWatch Tool, odds for a 25-basis-point Fed rate cut in September are at 70%, up from 66% on Thursday.
- December 2024 fed funds rate futures contract implies that the Fed will ease policy by 40 basis points (bps) toward the end of the year
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
If you like, reward to support.
Hot
No comment on record. Start new comment.