What happened
The US Labor Department revised May nonfarm payroll growth from 129,000 to 63,000, and June from 57,000 to 20,000, shaving a combined 103,000 from the two-month total.
Why it matters for the market
Immediately after the release, the dollar index slipped close to 30 points to 99.67, while New York gold futures climbed above $4,400 per ounce, up 2.36% on the day.
The downward adjustment signals a softening labor market, which could strengthen the case for the Federal Reserve to ease policy. Markets may now be pricing in a higher probability of rate cuts, with traders recalibrating positions across currencies and precious metals.
What traders should watch
For intraday traders, the initial reaction shows a weaker dollar and firmer gold, pointing to renewed risk appetite. However, volatility could remain elevated as markets digest the revised data, and thin liquidity in off-peak sessions might amplify price swings.
