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Investing.com – Just released a few moments ago, the Private Sector Employment Report found that 235,000 jobs were added last month and an estimated 750,000 added. these figures are very negative.
While he was registering 5.2%, and the estimate had to register 5.2%, while for him he was registering 0.6%, which equates to $ 30.73 per hour, and the estimate was expected to reach 0.3%, and for him it was 4.3%, and it was expected to reach 4%.
The private non-farm payroll report saw a sharp drop, adding 243K against expectations of 665K jobs.
The employment development report published was very negative as it recorded 374,000 jobs when it should reach 613,000 jobs, which penalized the dollar at the time and gave the economy a boost. gold.
The Fed relies on jobs data in its extrapolation of the state of economic recovery and the purchasing power of citizens, on which it bases its decision, which stands at $ 120 billion per month split between $ 80 billion and $ 40 billion in mortgage bonds, and The Fed’s generosity helps provide liquidity in the market, except that it contributes to higher inflation, but Jerome Powell considers it a temporary thing that you have to worry.
And Jerome Powell ruled out, during his speech at a conference, that the interest rate will be raised anytime soon, but he indicated that the process of reducing purchases could take place before the end of this year. Powell said he is monitoring employment closely and believes the United States will have some time before reaching pre-corona employment levels.
Most Fed members tend to tighten and start cutting back before the end of this year.
walk now
It currently registers $ 1,829.20 per ounce, an increase of 1.15%, while it registers $ 1,832.35 per ounce, an increase of 1.15%.
It is registered at $ 70.33 per barrel, an increase of 0.5%, while its price is set at $ 73.53 per barrel, an increase of 0.67%.
{{942611 | American Index}}, meanwhile, records 92.00, with a continued decline of 0.26% after negative data, while it stands at 8.3003, up 0.2% , losing much of his gains during the session.
The yield on US 10-year bonds rose to 1.321 after the data was released.
Update 3:50 p.m. Riyadh time
Gold contracts are now at $ 1,824.15 an ounce, an increase of 0.74%, while gold spot contracts are at $ 1,822, an increase of 0.7%.
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Meanwhile, the US dollar pair posted 8.2879, up 0.14%, losing much of its morning gains.
The American is now at 92.20, down 0.03%.
And in these times, it hits the highest number since mid-May, which is $ 50,745 for the symbol.
Update 4:45 p.m. Riyadh time
The index was released and turned negative as it registered 55.1 points, and it is expected to reach 55.2.
Don’t believe in the dollar:
Gold now registers 1,822.29, an increase of nearly 0.7%, while gold contracts rose 0.73% to reach $ 1,824.35 an ounce.
Update 5:00 p.m. Riyadh time
M (ISM) was released and tested positive, with a score of 61.7 and it was estimated at 61.5 points.
Gold now records 1,823.19, an increase of 0.75%, while gold contracts record 1,825.20, an increase of 0.77%.
As for the dollar index, it stood at 92.10, down 0.14%.
Update 6:00 p.m. Riyadh time
Gold contracts are now at $ 1,833 an ounce, up 1.19%, while gold spot contracts are at $ 1,830.26, up 1.14%.
The dollar index fell 0.16% to 92.08.
The reason for these movements is due to weak employment data, as the US economy has only managed to create 235,000 jobs and the number of jobs is expected to reach 750,000.
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