Daily digest market movers: Gold price falls amid fading US recession fears
- US Nonfarm Payrolls increased by 254K in September, surpassing the estimated 140K and the upwardly revised August figure of 159K. The Unemployment Rate decreased from 4.2% to 4.1%, lower than expected.
- Average Hourly Earnings in September rose 0.4% MoM, down from 0.5% the previous month but exceeded forecasts of 0.3%.
- Earnings per hour increased by 4% in the 12 months to September, above estimates and August’s number, which was 3.8% and 3.9%, respectively.
- Market participants have disregarded a 50 bps cut from the Fed. The odds of a 25 bps cut are 95%, while the chances for holding rates unchanged are at 5%, according to the CME FedWatch Tool data.
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