Is It All Doom & Gloom for Today’s NFP?

We have all become a little accustomed to seeing strong growth in US jobs in recent months, as the rest of the world has, this month however, is expected to show market contraction.

According to the White House Press Secretary Jen Psaki, a full 9M people called in sick due to Omicron infections in the week the NFP survey was conducted. Psaki went on to warn that the jobs report may even show outright job losses for the first time since December 2020.

A weaker-than-expected NFP report would reinforce the recent USD selloff. It works through two channels: rates and risk. Risk sentiment would likely welcome easier financial conditions, especially if Omicron explains the growth weakness.

With gold’s fortune still tied to the US dollar and underlying US interest rates, anything that can move these markets, however short the timeframe, will need to be closely followed.

At 10.00 GMT+2, the US Dollar Index (DXY) is currently down at 95.25 and Gold Spot US Dollar is up at 1,807.56.

Be ready for today’s main event at 15.30 GMT+2!

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