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Gold price maintained defensive stance late during the New York session after an early US employment report showed that the Fed is right about pushing back on recession chatter. Gold is trading at $1773.33, down by almost 1%.
Before Wall Street opened, the US Bureau of Labour Statistics revealed that the July Nonfarm Payrolls report added 528,000 people to the labor market, crushing estimates of 250,000. Even June’s data was upward revised, from 325,000 to 398,000, while the Unemployment rate continued its downward path from 3.6% to 3.5%.
Economic Data
The Unemployment Rate in Canada stayed unchanged at 4.9% in July. The USD/CAD pair posts strong daily gains above 1.2950 after the economic data. The Unemployment Rate in Canada was virtually unchanged at 4.9% in July, Statistics Canada reported on Friday. This reading came in slightly better than the market expectation of 5%.
The July US official employment report showed better-than-expected numbers and triggered a rally of the US dollar on Friday. According to analysts, at least a 50 bps rate hike at the September 20-21 FOMC meeting seems on the table at this point of time, and yet another 75 bps hike could be likely in light of the readings of the next two inflation reports.
Other Developments
Next week’s data, led by the Consumer Price Index (CPI), might signal that probably, Fed tightening is working.
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