Say cheese and smile – the US seems to be experiencing a soft landing, the perfect scenario for stocks, and the worst for the US Dollar.
The US economy gained only 150,000 jobs in October, below 180,000 expected. Expectations for a rate hike in December remain low, and for good reasons. There is room for more US Dollar weakness and stock strength. The Greenback had already been suffering, and there may be more in store. The US reported an increase of only 150,000 jobs in October, slower than the pre-pandemic gains of just under 200,000, but not pointing to a recession. Revisions for September shed another 39,000 positions.
For stocks, it is the perfect scenario – the economy is not too hot to trigger hikes, nor too cold to trim profits. For Gold, falling Treasury yields are a boon, yet events in the Middle East are also eyed. The current moves also match the trend seen beforehand. Earlier this week, the Federal Reserve left interest rates unchanged for the second consecutive time, as expected. Chair Jerome Powell refused to say the hiking cycle has finished, but he did note that inflation risks are more balanced.
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