This piece provides insights into how the Nasdaq 100, the U.S. dollar, Treasury yields, and gold prices could respond to Friday’s U.S. labor market data. The article also discusses important aspects that traders should be mindful of in the NFP report.
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Focusing on wages, average hourly earnings are seen rising 0.3% m-o-m, resulting in an unchanged annual reading of 4.3%. Payholds particular significance for the Fed as it serves as a potential barometer of inflationary trends. It is therefore crucial to keep a vigilant eye on this measure, particularly given that current wage pressures may not be consistent with
Fed officials have maintained the possibility of additional policy tightening this year, but they have not firmly embraced this scenario. This suggests a strong reliance on data as they move forward.meeting stand at approximately 31% at the time of writing. Market pricing has been in a state of flux in recent days, but the likelihood of another hike could rise sharply if the NFP data exceeds estimates by a wide margin.
Supercharge your trading prowess with an in-depth analysis of gold's outlook, offering insights from both fundamental and technical viewpoints. Don't hesitate—claim your free Q4 trading guide now!On the flip side, if employment growth meets estimates or surprises to the downside, the U.S. dollar could begin to correct lower, along with U.S. Treasury yields, on the assumption that the Fed is done and will not deliver additional tightening in 2023.
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