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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Platform]: The US non-farm employment data is significantly revised downward, focusing on US inflation data." Hope it will be helpful to you! The original content is as follows:
On September 10, during the trading session of the Asian market on Wednesday, spot gold trading around $3,638/ounce. The gold price continued to rise on Tuesday, hitting a record high of $3,674.36 in the session, as the market generally expected the Federal Reserve to cut interest rates in September. Investors also paid attention to the upcoming U.S. inflation data. In addition, Israel's intensified geopolitical tension in the Middle East also helped gold prices rise.
The U.S. Producer Price Index (PPI) will be released on Wednesday and the Consumer Price Index (CPI) will be released on Thursday. The market will focus on these data to measure the impact of tariffs on prices in the world's largest economy.
The dollar fell during the session, and a previously released report showed that between April 2024 and March 2025, the number of jobs created by the U.S. economy was nearly 1 million less than the government's previous estimates, indicating that during the 12-month period, labor market conditions were far weaker than the level shown by preliminary data. However, the correction of employment data has basically no impact on the market.
Although the dollar rose on Tuesday, Elias Haddad, senior market strategist at Brown Brothers Harriman in London, said the main theme is that the recent dovish shift in Fed policy "will cause the dollar to fall to a new cyclical low, mainly because the Fed will now prioritize its full employment targets over price stability due to moderately restrictive monetary policy. Any rebound in the dollar, or any relief rebound, is unsustainable." A correction to the employment data released on Tuesday puts the Fed's employment mission into focus.
The U.S. Bureau of Labor Statistics data shows that jobs created by the U.S. economy in the 12 months to MarchThe bit value decreased by 911,000. In the 12 months ended March 2024, the total number of jobs was downgraded by 598,000.
ActionEconomics said that the downward revision is the largest downward revision in history, exceeding the downward revision of 824,000 in March 2009 and 818,000 in March last year. The downward revision means that in the 12-month period, the number of jobs will be reduced by 76,000 per month from the initial value.
RunningPoint's chief investment officer in El Segundo, California, said, "The only thing that grows faster than job growth skepticism is the pressure on the Fed to finally quietly cut interest rates, because nothing can tell the cooling of the economy more than the job market turns into a ghost story," he added: "Employment data corrections have turned the job story from fairy tales to audit records, the biggest reality test in years, in other words, the employment fairy has retracted a lot of the optimism it brought back.
After Tuesday afternoon, U.S. interest rate futures prices went The trend shows that the market expects a 92% chance of a 25 basis point cut later this month and an 8% chance of a 50 basis point cut.
China's consumer prices further fell into deflation in August, with CPI falling -0.4% year-on-year after being flat in July, lower than the expected 0.2% year-on-year, the lowest level in six months. Food prices are the main drag factor, down -4.3% year-on-year, while the previous value fell -1.6%. Monthly, CPI remained flat, lower than expected a slight increase of 0.1% month-on-month.
Meanwhile, core inflation shows Signs of life, up 0.9% year-on-year in August, while up 0.8% year-on-year in July, the fastest pace in two and a half years. The rebound shows that potential demand in the service sector and other non-food industries is better than the overall data suggests, even as consumers face a decline in food costs. Producer prices continue to shrink but slowed down. PPI fell -2.9% year-on-year, in line with expectations, and improved from -3.6% in July. These figures highlight China's battle against ongoing factory deflation, which has now lasted for nearly three years.
Macron Defence Secretary Le Kerny was appointed as French Prime Minister.
The U.S. Supreme Court heard Trump's tariff appeal case, and the debate was scheduled in early November.
Trump: Trade negotiations with India are continuing and will talk to Modi in the next few weeks.
U.S. employment data is significantly revised, and jobs will be revised by 911,000 for the first 12 months of March.
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