Live Coverage: Nonfarm Payrolls to rock Gold, Indices, Forex ahead of the US Election
New: Live coverage in both text and video. Just four days before the US Election, Nonfarm Payrolls carry higher expectations than earlier, but may spook markets and melt Gold with so little time ahead of the vote.
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Nonfarm Payrolls has political implications
The US economy is doing well, according – to a robust labor market. ADP's private-sector jobs report beat estimates with a whopping 233K increase, raising expectations from the official Nonfarm Payrolls (NFP). Will the Bureau of Labor Statistics announce the desired results?
While a robust jobs report would benefit markets, it would be positive for Vice President Kamala Harris, diminishing the chances of a clean Republican sweep, which would enable large tax cuts.
A poor jobs report may boost Trump – but without the GOP winning Congress, higher tariffs will be the only meaningful policy, weighing on the economy. All in all, this is a complex NFP.
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Author
Yohay Elam
FXStreet
Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.
