Friday's Markets Update (July 7, 2023)

08 Jul 2023 by rate3

On Friday, with unemployment steady, NASDAQ (o: 13,668, c: 13,660) was volatile, while BTC (open: 30,203, close: 30,166) was stable as traders being uncertain after Thursday's dump.

Details
The unemployment rate edged down to 3.6% in June, as expected. The jobless rate has remained between 3.4% and 3.7% since March. Employment levels rose by 273,000. The labor force participation rate was unchanged at 62.6%.

Notable Macroeconomic Updates:
Philippines: The unemployment rate in the Philippines fell to 4.3% in May, the lowest since December 2022. The number of unemployed persons decreased to 2.17 million, while the number of employed persons increased to 48.26 million. The services sector accounted for the largest share of employment (58.8%). The labor force participation rate increased to 65.3%.

Commodities
Gold: Prices fell on Friday to USD 1,910 an ounce as strong US jobs data boosted expectations of further interest rate hikes by the Federal Reserve.

On Week 28, investors will closely watch the start of the Q2 earnings season, the June inflation report (previous: 4 percent, consensus: 3.1 percent), June's PPI (previous: -0.3 percent, consensus: 0.2 percent) and speeches from several Fed officials. Other important releases include China's trade data, the German ZEW Economic Sentiment Index, UK's May GDP growth, and Australia's business and consumer sentiment.