US private companies added fewer than expected jobs last month, whereas the unemployment rate improved slightly, the October Non-Farm Payrolls report showed on Friday. According to the Bureau of Labor Statistics, the US economy created 161,000 new jobs in the reported period, while market analysts expected nonfarm payrolls to increase by 174,000. Meanwhile, the September gain was revised up to 191,000 from the originally reported 156,000. However, the odds of a December rate remained quite high, despite today's disappointing jobs report. Furthermore, average hourly earnings advanced 2.8% and 0.4% on annual and monthly basis, respectively, while average weekly remained unchanged at 34.4 last month. The unemployment rate declined unexpectedly to 4.9% in October, following the preceding month's 5.0%. After the release, the US Dollar declined slightly against other major currencies, trading at 1.1111 against the Euro and 103.10 against the Japanese Yen. Separately, the Bureau of Economic Analysis said on Friday that the US trade deficit narrowed to $36.44 billion in the same month from September's gap of $40.46 billion, which was revised up from the originally reported $40.70 billion deficit. Economists expected the US trade gap to decrease to $37.80 billion during October.
The number of Americans filing for unemployment benefits rose unexpectedly last week, official figures showed on Wednesday. According to the US Department of Labor, initial jobless claims jumped 7,000 to a seasonally adjusted 265,000 in the week ended October 29, the highest reading since the beginning of August. That marked the 87th consecutive week of initial claims below the 300,000 level, the longest streak since 1973. Meanwhile, market analysts anticipated a slight decrease to 257,000 filings from the preceding week's 258,000. The four-week moving average of claims, which is considered a better measure of labor market trends, rose 4,750 to 257,750 last week. Other data released on Wednesday showed that the Institute for Supply Management's NonManufacturing Index declined to 54.8 in October from 57.1 seen in September, while economists anticipated a slighter decrease to 56.2 points. However, any reading above the 50 point-level indicates expansion in the service sector. The Business Activity Index and Employment Index fell to 57.7 and 53.1 in the same month, respectively. Separately, the US Census Bureau said factory orders advanced 0.3% in September, following the prior month's gain of 0.4% and surpassing the 0.2% rise forecast.
Upcoming fundamentals: Loads of white noise data
Clues regarding the strength of the US economy will be released in the second half of the day for people following the GMT timeline. At 15:00 GMT US Labor Market Conditions Index will be published, and at 20:00 GMT US Consumer Credit data will be available. Moreover, the US Loan Officer Survey is tentative.
Gold starts the session lower
Daily chart: The yellow metal's price declined on early Monday morning, as the bullion started the session a lot lower than the previous close. The lower opening was caused by the fact that the FBI Director James Comey sent another letter to the congress. This time it was mentioned that the conclusions expressed in July by the FBI have not changed after the latest review. The short version is – Clinton will not be charged by the FBI, ignoring the fact that the guilt of the presidential candidate has been proven.SWFX traders are neutral
Spreads (avg,pip) / Trading volume / Volatility
Market participants foresee the price of gold below 1,300 by February
Traders who were asked regarding their longer-term views on gold between October 7 and November 7 expect, on average, to see the metal below 1,300 in February. Generally, 45% (-2%) of participants believe the price will be above 1,300 in ninety days. Alongside, 39% of those surveyed reckon the price will trade in the range between 1,150 and 1,300 over the next three months.