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Overall Trust Index
The June US Jobs Report (NFP) revealed the creation of 206k new jobs, surpassing the forecast of 190k. However, last month’s figure was revised down from 272k to 218k, a notable adjustment of 54k. The unemployment rate increased slightly to 4.1%, compared to the previous and expected rate of 4%. Average hourly earnings aligned with forecasts, showing a 3.9% y/y and 0.3% m/m increase.
The US dollar remained largely unchanged following the report, with the dollar index (DXY) hovering around 105. US interest rate expectations increased by 4 basis points and are now fully accounting for two 25 basis point rate cuts this year.
Gold continues to trade within a multi-month range and is currently testing levels last seen in early June.
