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.

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.

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

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

Gold Daily Price Chart

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.

https://www.dailyfx.com/news/us-dollar-dxy-unchanged-on-mixed-us-nfps-gold-grabs-a-small-bid-20240705.html