Historically, how impactful has the US jobs report been on gold’s valuation? In this article, we present results from a study in which we analyzed the XAU/USD pair's reaction to the previous 35 NFP prints*.
Nonfarm Payrolls in the US are forecast to increase by 113,000 in October. Gold is likely to react stronger to a disappointing jobs report than an upbeat one. Previous data analysis shows that gold's priceinverse-correlation with NFP surprise weakens slightly by the fourth hour after the release.
61on disappointing prints and 1.4 on strong figures. Fifteenminutes after the release, gold moved up by $7.02on average if the NFP reading fell short of market consensus. On the flip side, gold declined by $5.31on average on positive surprises. This finding suggests that investors’ immediate reaction is likely to be more significant to a weaker-than-forecast print.
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