US Nonfarm Payrolls Miss Sharply, Eurozone Inflation Beats Expectations; Gold Market Eyes Macro Signals

Data from the US Bureau of Labor Statistics on Friday showed that US nonfarm payrolls rose by 29K in September, far below the market expectation of 90K; the August figure was revised down to 133K from 162K. ^[1] Meanwhile, the eurozone’s September flash harmonized CPI rose 3.8% year-on-year, above the expected 3.6% and the August final reading of 3.2%; it rose 0.6% month-on-month. ^[2] Before the nonfarm payrolls release, USD/JPY was supported by the 20-day EMA, while the yen rose against the dollar. ^[3] These macro data may indirectly affect the gold market by influencing the dollar and interest rate expectations, but the evidence does not provide information on gold price moves, central bank gold purchases, or mining companies.