USD, Gold, US Rates Show Tepid Reaction to Strong US Nonfarm Payrolls
USD, NFP Price Analysis & News
- US NFP 531k vs 450k, Prior Reading Revised Higher
- Unemployment Rate Drop to 4.6%
- Market Reaction Tepid Given Fed Meeting
NFP Strong as Headline and Unemployment Rate Beats Expectations
A better than expected NFP headline at 531k vs 450k, while the prior reading had a sizeable revision higher to 312k from 194k. The unemployment rate fell 0.2ppts to 4.6% dropping below expectations of 4.7%.
Elsewhere, average hourly earnings printed in line with expectations on both the monthly and yearly readings.
Brief USD bid, S&P 500 tests 4700
In reaction to the headline, the USD immediately edged higher with the US 10yr yield hitting 1.55%, while gold dipped slightly. Meanwhile, across the equity space, the S&P 500 extended on its gains with index testing 4700. Overall, markets moves are somewhat marginal given the Fed meeting earlier in the week, which largely taken a lot of the excitement out of today’s jobs figure as it won’t notably move the needle for Fed policy in the short run.
DATA OVERVIEW: DailyFX Economic Calendar
USD, Gold, Rates Reaction to NFP: Intra-day Time Frame
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