Commodities
Gold Tumbles on Strong Payrolls Data
The markets were expecting a dovish Fed after Fed Governor Waller said he would lean towards holding in September if August inflation shows progress. However, the data released this morning did not cooperate with Waller's remarks.
August payrolls printed 162,000 against a consensus of 55,000, and the odds of a hike went back above 60 percent within minutes. This sent gold plummeting from its best day in weeks to near $4,427, and silver fell faster than gold.
The market's reaction was short-lived, as the dollar reversed its decline after the data release. The USD Index rose above 99.3, and the hike odds went back above 60 percent.