US Dollar (DXY) Unchanged on Mixed US NFPs, Gold Grabs a Small Bid

July 5, 2024 1:30 pm

US Dollar (DXY) Unchanged on Mixed US NFPs, Gold Grabs a Small Bid

  • US dollar index little changed after US Jobs Report.
  • Gold picks up a small bid.

For all high impact data and event releases, see the real-time DailyFX Economic Calendar

You can now download our complimentary Q3 US Forecast below:

Recommended by Nick Cawley

Get Your Free USD Forecast

Get My Guide

The June US Jobs Report (NFP) showed 206k new jobs created, compared to forecasts of 190k, but last month’s figure was revised markedly lower from 272k to 218k, a revision of 54k. The unemployment rate nudged higher to 4.1% from a prior reading, and forecast, of 4%, while average hourly earnings met forecasts of 3.9% y/y and 0.3% m/m.

image1.png

The US dollar is little changed after the release with the dollar index (DXY) trading on either side of 105. US interest rate expectations edged around 4 basis points higher and are currently fully pricing in two, 25 basis point rate cuts this year.

US Dollar Index Daily Chart

image2.png

Recommended by Nick Cawley

How to Trade Gold

Get My Guide

Gold remains in a multi-month range and is testing levels last seen in early June.

Gold Daily Price Chart

image3.png

Charts using TradingView

What are your views on the US Dollar and gold – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

Feed from Dailyfx.com

MoneyMaker FX EA Trading Robot