{"id":31647,"date":"2022-07-08T16:50:00","date_gmt":"2022-07-08T15:50:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=31647"},"modified":"2022-07-09T01:10:52","modified_gmt":"2022-07-09T00:10:52","slug":"market-wrap-us-jobs-data-beats-expectations","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/market-wrap-us-jobs-data-beats-expectations\/","title":{"rendered":"Market Wrap – US Jobs data beats expectations"},"content":{"rendered":"\t\t
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The US Dollar<\/a> jumped higher after the Non-farm payrolls job report came in stronger than economist had been expecting with 372,000 new jobs created during the month of June.<\/p>

Most of Wall Street was looking for a lower number, such as below 270,000 jobs for June. This now puts an aggressive 75 basis points rate hike back on the table at the next Fed meeting.<\/p>

Inside the report it showed that the US unemployment rate remained at 3.6 percent, which was the same as the previous month. Average hourly earnings came in at 0.3 percent on a monthly basis, which was in line with expectations.<\/p>

The Nasdaq<\/a> fell after the report alongside other stock indices. The Nasdaq is particularly sensitive to the idea of more aggressive rate action from the Fed and economic data in general.<\/p>

Canada releases a dismal employment report, which showed that the employment change for the month of June was 43,200 against market expectations of 23,500. The Canadian dollar<\/a> showed only a muted response.<\/p>

After the release of the June jobs report Fed member Bostic hit the wires with hawkish rate commentary. Bostic said that he is slightly less concerned about the economy and is \u201cfully supportive\u201d of a 75-basis point hike at the next meeting.<\/p>

Bostic also notably added \u201cWe can move at 75 bps and not see a lot of protracted damaged to the broader economy\u201d and \u201cI’ve been on the low side of where we need to get, in the 3% range but we’ll get a lot more data in the coming months\u201d.<\/p>

His words added further flames to the fire in terms of causing the DXY to accelerate higher and stocks to falter. Speaking of faltering, the pound<\/a> is back under pressure.<\/p>

Sterling looks set for its weakest weekly price close in over two years. Boris Johnson resignation is likely to keep the British pound under wraps until a replacement is found.<\/p>

So far, Rishi Sunak and Jeremy Hunt are some of the candidates that have been brought forward as potential replacements for the British PM. The market will be looking for certainty in this regard.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

The US Dollar jumped higher after the Non-farm payrolls job report came in stronger than economist had been expecting with 372,000 new jobs created during the month of June. Most of Wall Street was looking for a lower number, such as below 270,000 jobs for June. This now puts an aggressive 75 basis points rate […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[94,453,154,87,28,27,306],"yoast_head":"\nMarket Wrap - US Jobs data beats expectations - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/market-wrap-us-jobs-data-beats-expectations\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Wrap - US Jobs data beats expectations Market Wrap - US Jobs data beats expectations\" \/>\n<meta property=\"og:description\" content=\"The US Dollar jumped higher after the Non-farm payrolls job report came in stronger than economist had been expecting with 372,000 new jobs created during the month of June.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/market-wrap-us-jobs-data-beats-expectations\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-08T15:50:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-09T00:10:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/12\/GettyImages-1343355701.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"546\" \/>\n\t<meta property=\"og:image:height\" content=\"298\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Market Wrap - 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