Today’s jobs report was overall stronger but not strong enough to raise inflation and tightening concerns. It keeps the goldilocks scenario intact for stocks and encourages dollar longs to ease off the gas ahead of the long weekend break.
The US economy added 850K jobs in June, well more than 720K expected. But the unemployment rate rose to 5.9% compared to a fall to 5.7% expected and average hourly earnings printed +0.3% as expected, slowing from +0.5% last month.
Immediately after the release, US futures rose further while the dollar provided a mixed reaction, with the likes of GBP/USD bouncing back after briefly touching a fresh low on the session. Precious metals remained in the positive at the time of writing.
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