Instant view: Gold dips as NFP tops estimates

12:37 PM November 1, 2019

The US jobs report for October has shown a better than expected reading with a positive revision also seen to the prior month. 

The data was as follows:

  • Non farm employment change: +128k vs +89k exp. +180k prior - revised higher by 44k

  • Average hourly earnings M/M: +0.2% vs +0.3% exp. 0.0% prior

  • Average hourly earnings Y/Y: +3.0% vs +3.0% exp.

  • Unemployment rate: 3.6% vs 3.6% exp. 3.5% prior 


The market reaction initially has been what you’d expect from a pretty solid report with US yields, US stocks and the US dollar all moving higher. Gold has tumbled in response.

There’s been a fairly swift move lower in Gold after the release with the market falling by around $7 in the 5 minutes that followed. Source: xStation  


It’s worth noting again that the ISM manufacturing PMI (2PM GMT) is still to come and could have a sizable impact on affected markets going forward.  



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