Emini Trade Alerts / Historic Unemployment Rate
October 5, 2019 at 12:06 PM (QQQ)(SPY)(DIA)(SPX)(SLV)
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Historic unemployment numbers set the stage for a broad based rally on Friday. U.S. job growth increased moderately in September, with the unemployment rate dropping to near a 50-year low of 3.5%, assuaging concerns the slowing economy was on the brink of a recession.
U.S. short-term interest rate futures traders on Friday pared bets the Federal Reserve would cut rates at both of its two upcoming meetings.
“The Fed is still expected to cut at least once more this year, but the December meeting remains a toss-up. The economy is not falling off a cliff and gold could see some softness, but the overall bullish trend should remain intact,” Edward Moya, a senior market analyst at OANDA, said in a note.
Gold had risen to a one-week high of $1,518.50 per ounce in the previous session. Persistent weakness in global economic indicators on the backdrop of the U.S.-China trade war has led to a 17% rise in bullion prices so far this year.
Investors will be closely watching the U.S.-China trade talks which resume next week.
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