- USA NFP 235k vs Exp. 750,000, previous reading upgraded
- Unemployment and higher-than-expected wage growth counter
- US dollar Initial falls
NFP Mixed as Title Misses, the audit was downgraded, at the same time Unemployment rates Beats
Much weaker than expected NFP title 235k vs. 750k, while previous reading was upgraded to 1053k from 943k. The unemployment rate fell by 0.2 percentage points to 5.2%, which was in line with expectations, while the labor force participation rate remained unchanged at 61.7%. Elsewhere, the average wage exceeded expectations in terms of both monthly and annual rates. Although the title is somewhat shocking, the markets were ranked for a soft report, given the weaker ADP and the contraction of the ISM employment index, but they are relatively certain in detail, forming a general mixed report.
The USD is falling and Gold Pops
In response to the headline, the USD immediately fell under pressure at the 92.00 handle, while gold rose to the best level of the day and reached its highest level in 1829. But given the details, this shocking relatively certain headline suggests that the market reaction has returned to previously announced levels. These figures are unlikely to change Fedi’s tightening schedule, given that Powell’s JH speech essentially hinted that September was too early for the announcement.
DATA OVERVIEW: DailyFX economic calendar
USD, gold, rates Reaction to NFP: Intraday schedule