17 Jul, 2024
US Dollar (DXY) Unchanged on Mixed US NFPs, Gold Grabs a Small Bid
- US dollar index little changed after US Jobs Report.
- Gold picks up a small bid.
The June US Jobs Report ( NFP ) showed 206k new jobs created, compared to forecasts of 190k, but last month’s figure was revised markedly lower from 272k to 218k, a revision of 54k. The unemployment rate nudged higher to 4.1% from a prior reading, and forecast, of 4%, while average hourly earnings met forecasts of 3.9% y/y and 0.3% m/m.
The US dollar is little changed after the release with the dollar index (DXY) trading on either side of 105. US interest rate expectations edged around 4 basis points higher and are currently fully pricing in two, 25 basis point rate cuts this year.
US Dollar Index Daily Chart
Gold remains in a multi-month range and is testing levels last seen in early June.
Gold Daily Price Chart
