The July jobs data was released at 8:30 (ET) Friday morning, with the general consensus being both nonfarm payroll and the unemployment rate could be considered bullish:
- July nonfarm payroll came in at 943,000, an increase from the June number of 938,000 and well above one set of an expected 845,000 (as per MarketWatch)
- The July unemployment rate was reportedly 5.4%, down from June’s 5.9% and below the expected 5.7%
- Again, these numbers will be hotly debated by financial analysts firmly entrenched on either side of the political aisle.
As for the markets’ reaction:
- The US dollar index has strengthened, moving to an initial high of 92.63, up 0.37 from Thursday
- The euro dropped to a low of 1.17768, down 0.00548
And in other markets:
- As expected, gold has broken out of its short-term sideways pattern and resumed its intermediate-term downtrend, with December falling as much as $37.10
- The September-October crude oil spread has seen its inverse cut to less than 30 cents, its weakest level since the week of January 11, 2021 (see attached chart)
