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NFP: Gold, US Dollar, S&P 500 Traders React to July Jobs Report

NFP: Gold, US Dollar, S&P 500 Traders React to July Jobs Report

Rich Dvorak, Analyst

GOLD, US DOLLAR, S&P 500 INDEX PRICE ANALYSIS – MARKET RESPONSES TO JULY 2020 NFP REPORT:

  • July 2020 NFP data topped market consensus as the US unemployment rate ticks lower to 10.2%
  • Net change in nonfarm payrolls crossed the wires at 1.7-million job gains while wages increased
  • Gold price action edged lower as the US Dollar jumped, S&P 500 Index whipsawed in response

Markets are currently weathering what seems to be a volatile trading session. This comes as little surprise, however, considering the latest release of nonfarm payrolls data for July 2020 just crossed the wires. The monthly US jobs report has a history of sparking price volatility as traders react to the generally high-impact employment figures.

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NFP Report – July 2020 Nonfarm Payrolls (Chart 1)

July 2020 NFP Report Chart of Nonfarm Payrolls Data

Chart Source: DailyFX Economic Calendar

July 2020 NFPs shows that the US economy continues to add jobs after the catastrophic collapse in NFPs earlier this year owing to the coronavirus lockdown. The headline net-change in nonfarm payrolls was reported at 1.76-million jobs added, which compares to the median economist estimate looking for 1.6-million jobs. The US unemployment rate declined further to 10.2% from the prior 11.1% reading, but the pace of job gains seems to have slowed notably.

GOLD, US DOLLAR, S&P 500 PRICE REACTIONS TO JULY 2020 JOBS DATA (CHART 2)

US Dollar, Gold Price, S&P 500 React to July 2020 NFP Jobs Report

Chart created by @RichDvorakFX with TradingView

The US Dollar was trading quite higher against major FX peers in the hours and minutes headed into the NFP report release. Meanwhile, the influx of US Dollar strength appeared to be weighing negatively on gold price action. Following the monthly jobs data, however, USD price action has started to turn lower and give back intraday gains.

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This helped gold perk up a bit from intraday lows. As for major stock market indices, the S&P 500 has weathered fresh selling pressure that began overnight, which looks driven largely by resurfacing trade war tension and persisting stalemate in congress over another round of fiscal stimulus. That said, the overall upbeat NFP report looks like it may provide a positive boost to stocks at the New York opening bell indicated by S&P 500 Index futures.

Keep Reading - US Dollar Implied Volatility Trading Ranges for NFP Day

-- Written by Rich Dvorak, Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

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