The US labor market report released in the afternoon only helped the euro temporarily gain momentum only on Friday. The data initially weighed on the dollar, in return the euro rose to 1.1909 dollars. Profits plummeted in trade, however, and the euro was recently traded almost unchanged at $ 1.1877. 235,000 new jobs were created in August. Economists expected an increase of 728,000. The disappointing jobs data suggested at first glance that the US Federal Reserve could postpone the start of the exit from its lax monetary policy. Experts pointed to the simultaneous drop in the unemployment rate and, above all, the significant increase in wages. “The situation is anything but easy for the Fed,” commented Thomas Gitzel, chief economist at VP Bank. “The shortage of workers and materials is increasing inflationary pressure, while the corona catch-up effects are already waning.” The price of gold has risen according to employment data. An ounce of the precious metal traded 1.1% at $ 1,829.
Oil prices have changed little. The price of a barrel of North Sea Brent fell 0.2% to $ 72.89. The American variety WTI fell 0.4% to $ 69.71. On a weekly basis, however, oil prices have risen. While the price of North Sea crude oil has risen only slightly, the price of US oil has risen nearly 2% since Monday. Prices were supported during the week by an unexpected sharp drop in US reserves and a weak dollar. When currency loses value, oil traded in dollars becomes cheaper for many interested parties in the world market, increasing demand.