NFP report had actual reading of 69K last Friday.Most economists had expectation of 120K-150K. It was the worst reading since September 2010, when payrolls fell by 27K. The rise in the unemployment rate to 8.2% from 8.1% was the first increase since June 2011. The Last time NFP slowed for 4 straight weeks was in 2008.
Gold traders pushed the price higher after the report. Current support is at 1580 and resistances on the upside are at 1690 followed by 1710. Monday trading is slow due to the bank holiday, US Index Futures are pointing to a possible consolidation after the bearish trading on Friday. Stocks and commodities drop further on China slowdown.
Alfa Energy Group
Alfa Energy Group, an Edison Energy company, is an international energy, sustainability and technology consultant partner with 250 employees over 3 international locations. For over 25 years, Alfa has been servicing its clients’ needs through energy and water management, sustainability, and compliance consulting, and an intuitive ecosystem of user-driven energy, water, and carbon management software platforms. With coveted awards, an international industry-wide recognition, and clever simple solutions, today Alfa is partnering with clients to establish and deliver pivotal net zero strategies. Through smart energy management, the expertise and diligence of its people, transparent processes, and data management, Alfa continues to lead through its recognised gold standard of service delivery.
