The US Bureau of Labor Statistics announced that Nonfarm Payrolls in the US rose by 943,000 in July, compared to analysts’ estimate of 870,000.
Commenting on the data, “with these figures, has the US economy made “substantial further progress? That is the term the all-powerful Federal Reserve set for withdrawing stimulus.
With this recent decline, the Relative Strength Index indicator on the daily chart dropped below 40 but continues to stay above 30, suggesting that there is more room on the downside before XAU/USD become technically oversold.
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EUR/USD has dropped below 1.18 after US Nonfarm Payrolls showed a leap of 943,000 jobs, better than expected, and salaries are up 4% YoY.
GBP/USD is struggling to hold above 1.39 after the US reported an increase of 943K jobs, beating expectations and raising expectations for tighter monetary policy by the Fed.
On-chain metrics support the bullish thesis, which might push the flagship crypto to $44,750.
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