US Non-Farm Payrolls in July came in 114k vs 175k exp. and 206k previously (the weakest since 2021)
- US Unemployment rise to 4.3% vs 4.1% exp. and 4.1% previously
- US average earnings YoY came in 3.6% vs 3.7% exp. and 3.9% previously (and 0.2% MoM vs 0.3% exp.)
- Private payrolls: 97k vs 140k exp. and 136k previously
- Manufacturing payrolls: 1k vs -5k exp. and -8k previously
After NFP US interest rates futures price in 50 bps Fed interest rate cuts in September with 60% probability vs 30% probability of 50 bps rate cut before the report. US500 deepens declines after weaker than expected and dovish crucial, US job market data, which may signal that Fed is now 'late' with monetary policy easing. Markets see now as much as 111 bps US rate cuts in 2024.
Source: xStation5
Source: BLS, Macrobond, XTB Research
Fed's Miran signals two more rate cuts this year and disinflationary process🗽
BREAKING: NY Empire better than expected; EURUSD muted 📌
Precious metals at record highs: Gold and Silver shine as the Fed ends its Tightening Cycle
Fed Collins remarks on monetary policy and US economy🏛️EURUSD gains 0.2%
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
