NFP REPORT APRIL 2020 – US DOLLAR, GOLD PRICE & DOW JONES INDEX
- Nonfarm payrolls (NFP) for April 2020 just crossed the wires and showed the US unemployment rate at a gut-wrenching 14.7%
- US Dollar and gold price action responded positively on the back of heightened safe-haven demand
- Dow Jones Index and broader stock market could unwind recent gains as companies continue slashing jobs amid the coronavirus recession
US NFP data for April 2020 highlights the paralyzing impact the coronavirus lockdown has had on the global economy and likely unavoidable recession caused by the pandemic. Nonfarm payrolls just crossed the wires at a -205,000K with the unemployment rate at 14.7%. Though the data topped market conensus of -220,000K net change in nonfarm payrolls and expected unemployment rate of 16%.
NONFARM PAYROLLS & US UNEMPLOYMENT RATE – APRIL 2020
Markets were little changed in response to the eye-popping data considering the terrible NFP report was largely anticipated by traders. The US Dollar, measured via the DXY Index, popped modestly higher. Spot gold prices are starting to edge higher as traders digest the April 2020 NFP report.
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On the other hand, US stocks have begun to give back gains notched in the overnight session according to S&P 500 Index Futures. Other major equity benchmarks like the Dow Jones and Nasdaq could follow as appetite for risk deteriorates while market participants come to terms with the harsh economic reality due to COVID-19.