US employment data was conflicting as the unemployment rate rose to 3.7%, which is higher than expectations (3.5%), but the US economy succeeded in adding 315,000 jobs, which is more than expected.

However, markets initially focused on the rise in the unemployment rate as a signal that the US economy is entering a real recession phase, after it entered a technical recession following two consecutive quarters of economic slowdown (decline in GDP).

Gold rises and silver adds a full point

Gold futures rose by 0.56% to record $1718.8 per ounce, while spot gold contracts recorded $1708.08 per ounce, up 0.64%.

Silver rose by a full point to record $17.848 per ounce

Bonds fall

Bonds turned to decline after the record rise achieved in recent days, with 10-year Treasury bond yields falling slightly by 0.06% to record 3.263%, while 2-year US Treasury bond yields dropped by about 2% to record 3.4532%.

The US dollar declines and the euro surpasses parity

The US dollar index fell by 0.44% to record 109.185 against a basket of foreign currencies, while the euro rose by 0.69% to record 1.0014 against the dollar, jumping above the parity line again.

Cryptocurrencies

Cryptocurrencies rose, with Bitcoin gaining 1.8% to return above $20,000, specifically at $20,355.2 per token, while Ethereum rose by more than 4.5% to record $1,638.12 per token now.

US pre-market

The US market surged after the employment data, with futures contracts for US indices showing notable gains, as the Nasdaq futures index rose by 0.52%, the Dow Jones futures rose by 0.56%, and the S&P 500 futures rose by 0.62%.

Oil

Crude oil rose sharply today to record $89.31 per barrel, up 3.08%, while Brent oil rose to about $95 per barrel, up 2.84%.

The increase in oil comes after the G7 imposed a price cap on Russian oil and Russia threatened to immediately cut Russian oil supplies to all participants in the decision.