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Gold Rolls Over Despite Weak Jobs Report

If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money. - Bill Lipschutz

 

 

HEADLINES

 

 

  • Dollar steady after jobs miss as taper hopes remain intact
  • USD/CAD plummets to fresh two-month lows around 1.2450 on weak US NFP
  • U.S. crude oil price tops $80 a barrel, the highest since 2014
  • After Heavy Swings, Gold Settles Week Barely Changed
  • S&P 500 Ends Week Higher as Jobs Miss Fails to Dent Optimism
  • European stocks log best week in two months
  • Bitcoin Ends Week Notching 14% Gain
  • CHART: Gold

 

 

FOREX

 

 

Dollar steady after jobs miss as taper hopes remain intact

 

The U.S. dollar was largely unmoved by a disappointing U.S. employment report on Friday, as traders bet that the lacklustre numbers may not sway the Federal reserve from starting a tapering of its asset purchases as early as November.

The Labor Department said in its employment report on Friday that nonfarm payrolls increased by 194,000 jobs last month. Economists polled by Reuters had forecast payrolls increasing by 500,000 jobs.

 

USD/CAD plummets to fresh two-month lows around 1.2450 on weak US NFP

 

The USD/CAD is plunging during the New York session, is trading at 1.2477, down 0.58% at the time of writing. Earlier, as the US Nonfarm Payrolls report’s headline showed that fewer jobs were created than expected, the pair plummeted. Furthermore, the West Texas Intermediate crude oil futures hit $80.00 a barrel for the first time since November 2014, boosting the oil-dependent Canadian currency and exerting downward pressure on the USD/CAD pair.

 

 

COMMODITIES

 

 

U.S. crude oil price tops $80 a barrel, the highest since 2014

 

West Texas Intermediate crude futures, the U.S. oil benchmark, crossed $80 per barrel on Friday for the first time since November 2014 as demand rebounds while supply remains tight. The U.S. oil benchmark jumped more than 2% to trade as high as $80.09 on Friday… Oil prices have surged in recent days alongside a broader rally in commodities including natural gas and coal amid an energy crunch that’s sweeping Europe and Asia.

 

After Heavy Swings, Gold Settles Week Barely Changed

 

Gold swung almost $40 on the week — appearing headed for $1,800 at one point before returning to mid $1,700 levels — as an underwhelming U.S. jobs report for September and ramping bond yields combined to create volatility that did little ultimately for the yellow metal’s prices.

 

 

STOCKS

 

 

S&P 500 Ends Week Higher as Jobs Miss Fails to Dent Optimism

 

The S&P 500 ended the week higher despite closing lower on Friday as investors digested data showing the economy created fewer jobs than expected last month. A deeper look into the monthly jobs report, meanwhile, showed enough bright spots including higher wages and lower unemployment that should pave the way for the Federal Reserve to start tapering its bond purchases next month.

 

European stocks log best week in two months

 

European stocks ended a volatile session lower on Friday as investors digested data showing slowing jobs growth in the United States, but they still marked their best week in two months as fears of soaring inflation were tempered. The STOXX 600 rose 1% on the week as relief over a temporary lifting of the U.S. debt ceiling and as easing fears of an energy crunch calmed rallying oil and gas prices which had triggered inflation worries.

 

 

CRYPTO

 

 

Bitcoin Ends Week Notching 14% Gain

 

Bitcoin ended the week performing strong, gaining nearly 14% as regulatory fears faded and sentiment turned bullish in anticipation of a bitcoin futures-backed exchange-traded fund (ETF) in the U.S. by the end of the year. Bitcoin stayed roughly flat, hovering above $54,000 as of Friday afternoon. The largest cryptocurrency by market capitalization also surpassed $1 trillion again this week.

 

 

CHART

 

 

Gold – 4-Hour Candlesticks

Source: GKFX Prime Metatrader 4

XAU/USD has made a false breakout above 1170, the October 4 high and the 20 DMA after reversing from the supply area formed under the September 22 peak. - Prepared by Trading Writers*

 

 

CALENDAR

 

 

*Times in GMT

Source: FX Street Economic Calendar

 

 

SOURCE

 

 

https://www.fxstreet.com/economic-calendar
https://www.fxstreet.com/news/usd-cad-plummets-to-fresh-two-month-lows-around-12450-on-weak-us-nfp-202110081719
https://www.investing.com/news/stock-market-news/sp-500-ends-week-higher-as-jobs-miss-fails-to-dent-optimism-2639162
https://www.investing.com/news/stock-market-news/european-stocks-dip-on-tech-losses-us-jobs-caution-2638342
https://www.hellenicshippingnews.com/u-s-crude-oil-price-tops-80-a-barrel-the-highest-since-2014/
https://www.investing.com/news/commodities-news/after-heavy-swings-gold-settles-week-barely-changed-2639182
https://www.cnbc.com/2021/10/08/forex-markets-australia-jobs-employment-usa.html
https://www.coindesk.com/markets/2021/10/08/market-wrap-bitcoin-ends-week-notching-14-gain/

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