©Reuters.
Investing.com – Long-awaited US jobs data is out now, providing an overview for the period ahead.
The jobs data has now been released above experts’ expectations, indicating that the economy is still healthy – something the Fed doesn’t want to control inflation and achieve a soft recession – which motivates the Fed to further tightening in coming period, or at least a rethink. Again on the issue of easing the pace of hike, as the jobs report is one of the preferred indicators that the US Federal Reserve follows.
What the markets are telling us now is that gold is up sharply in conjunction with the declining dollar, which has lost its morning gains.
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For the month of December, while experts predicted an addition of only 200 thousand, while in November it recorded 256 thousand.
While 220,000 jobs were expected, only 180,000 would be added.
On the other hand, it rose by 3.5%, while experts were expecting a 3.7% increase.
The job market is still strong
US Federal Reserve member James Bullard said Thursday evening in St. Louis that the US job market remains strong, he expects inflation to rise amid rising food and energy prices.
He called on the US Federal Reserve to enter monetary tightening territory more quickly. He expected inflation to contract more slowly than market expectations, reaching the 2% inflation target.
The interest will still be high
US Federal Reserve member Esther George said it would stay high to curb high inflation rates through 2024.
Additionally, George said he prefers to keep interest rates above 5% for some time and added that he doesn’t expect an economic recession, noting that he sees the global outlook as a risk for the US.
And the US Federal Reserve official continued; That if the stock of savings is spent, it will increase the increase in inflation and we will have a difficult time controlling it, adding that the US Federal Reserve policy affects the volume of demand.
markets now
gold now
It has surged in the current moments, to levels near $1851 an ounce, up 1% since the data release.
Futures on the yellow metal, on the other hand, have grown in these moments of today’s trading by 0.9%, up to levels close to 1855 dollars an ounce.
dollar now
Withdrawal at the moment, influenced by US labor market data released now.
The dollar turned its morning gains into losses, to now hit levels of 104.7, down about 0.15%.
Tie now
While the 10-year yield also climbed about 0.69%, hitting a record high of 3.748%.
oil now
American light crude Nymex has risen in recent moments to levels of 74.7 dollars a barrel, by 0.7%.
Instead, it rose to $79 levels, by 0.8%, during these moments of today’s trading.
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