Halten Sie die globalen Märkte in Ihren Händen

Unsere mobile Trading-App ist mit den meisten smarten Geräten kompatibel. Laden Sie die App jetzt herunter und beginnen Sie, mit PU Prime auf jedem Gerät, jederzeit und überall zu traden.

  • Market Insights  >  Weekly Outlook

3 February 2022,06:42

Weekly Outlook

Gold rises as US ADP Nonfarm Employment massively underperforms

3 February 2022, 06:42

Share on:
Share on:

On Wednesday afternoon (GMT +2), the US ADP Nonfarm Employment data was released. The results showed that private U.S. payrolls fell by 301,000 in January 2022, the largest drop since April 2020, and far from the gain of 207,000 estimated by economists polled by Dow Jones. This is the first time in over a year that private payrolls have fallen.

The largest losses were recorded in the services section (-274k), while small companies cut the most jobs (-144k). Meanwhile, figures for December have been revised from the previously-reported 807k to 776k.

Said ADP chief economist Nela Richardson: “The labour market recovery took a step back at the start of 2022 due to the effect of the Omicron variant and its significant, though likely temporary, impact to job growth”.

Meanwhile, Kathy Jones, chief fixed-income strategist for Charles Schwab, has indicated that the ADP report may be a precursor to a weak US Nonfarm Payrolls (NFP) report on Friday, which currently has a forecast of 150k, down from last month’s 199k.

Post-market Effects

The surprise decline in the ADP reports has sent both the US dollar and US Treasury yields falling, with the latter’s 10-year note falling 3 basis points to a week’s low of 1.77% and the 30-year note falling 2 basis points to 2.104%.

Gold rose as a result, with spot gold gaining 0.4% to $1,808.48 per ounce while gold futures posted 0.5% higher at $1,810.30. In addition, “Continued short covering and perceived bargain buying” are helping the prices of precious metals, said Jim Wyckoff, a senior analyst at Kitco Metals.

However, analysts also suggest taking in the ADP Employment Change numbers with caution. DailyFX.com senior strategist Christopher Vecchio believes that the “biggest test” will come in mid-2022 after inflation begins to stabilise and markets absorb higher interest rates.

Mike Loewengart, managing director for investment strategy at Morgan Stanley’s E*Trade has also expressed the opinion that the loss in private payrolls might only be temporary. This is because, in addition to a strong earnings season, January’s loss was heavily driven by job cuts in the service sector – which tends to shed jobs after the holiday season.

All eyes are now on Friday’s upcoming US Nonfarm Payrolls data, which will be released this Friday, 4 February, at 15:30 (GMT+2). Investors are reminded to pay close attention to the NFP numbers, and as a friendly reminder, do keep an eye on market changes, control your positions, and manage your risk well.

Starten Sie mit einem Vorteil in das Trading

Traden Sie Forex, Indizes, Metalle und mehr zu branchenweit niedrigen Spreads und mit blitzschneller Ausführung.

  • Beginnen Sie mit Einzahlungen ab nur $ 50 auf unsere Standardkonten mit dem Trading.
  • Erhalten Sie Zugang zum 24/7-Support.
  • Sie haben Zugang zu Hunderten von Instrumenten, kostenlosen Schulungsmaterialien und einigen der besten Promotionen, die es gibt.
Jetzt registrieren

Latest Posts

Schnelle und einfache Kontoeröffnung

Live-Konto erstellen
  • 1

    Registrieren Sie sich

    Registrieren Sie sich für ein PU Prime Live-Konto mit unserem unkomplizierten Verfahren

  • 2

    Zahlen Sie Geld ein

    Zahlen Sie bequem über verschiedene Kanäle und in verschiedenen Währungen auf Ihr Konto ein

  • 3

    Beginnen Sie mit dem Trading

    Erhalten Sie Zugang zu Hunderten von Instrumenten zu marktführenden Tradingbedingungen

Please note the Website is intended for individuals residing in jurisdictions where accessing the Website is permitted by law.

Please note that PU Prime and its affiliated entities are neither established nor operating in your home jurisdiction.

By clicking the "Acknowledge" button, you confirm that you are entering this website solely based on your initiative and not as a result of any specific marketing outreach. You wish to obtain information from this website which is provided on reverse solicitation in accordance with the laws of your home jurisdiction.

Thank You for Your Acknowledgement!

Dear Valued Client,

To ensure the continued performance, reliability, and security of our systems, PU Prime will upgrade its system on:

  • Client Portal / IB Portal: 23rd September 2023 between 03:00 AM (GMT+3) to 3:00 PM (GMT+3).
  • PU Prime Applications: 23rd September 2023 03:00 AM (GMT+3) until 24th September 2023 03:00 AM (GMT+3).

Access to our Client Portal, IB Portal and PU Prime Application will not be available during the period of system upgrade.

For detailed information regarding the system, please refer here.