Nonfarm Payrolls data are set to show slower hiring in June 2024 – 190,000 vs. 272,00 in May. That would fit into a "soft landing" would be positive for stocks and Gold, while weighing on the US Dollar. The Unemployment Rate is set to remain at 4%.
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Why Nonfarm Payrolls rock financial markets
The Federal Reserve (Fed) has two mandates: price stability and full employment. While inflation has been in the spotlight in the past few years, Fed Chair Jerome Powell reiterated that unexpected weakness in the job market would warrant slashing borrowing costs earlier.
ADP's private-sector jobs report and the ISM Services PMI pointed to softer hiring in June, while the JOLTs job opening figures for May surprised with some upside. Some US trades are off after Thursday's Independence Day holiday. That may add to volatility.
Markets are also watching politics. The second round of French parliamentary elections – in which the populsits are expected to remain out of power – and speculation about the viability of US President Joe Biden's candidacy have been encouraging markets.
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