The US stock markets started trading, on Wednesday, on a contrast, as the Dow Jones and S&P indices fell, while the Nasdaq index rose, after the release of GDP and jobs data that put the Federal Reserve in a real predicament.
In turn, oil prices caught fire, and the gains of digital currencies and gold widened, all of which entered into a frenzied wave of strong ascent, coinciding with the widening losses of the increasingly weakening dollar.

It seems that the US Federal Reserve is facing a real dilemma after the release of very mixed data, contrary to analysts ' expectations, for the markets to become more confused a few hours before Jerome Powell's speech on Wednesday.

On Wednesday, the GDP data came out positive above expectations to give the Fed some strength, but the ADP Non-Agricultural private sector jobs change data (November) came in below expectations to put the Fed in trouble.
ADP chief economist nella Richardson said: "it may be difficult to identify turning points in the labor market, but our data indicate that the Fed's tightening is having an impact on adding jobs and wage gains.

The pace of Job Addition in the US private sector slowed in November, in a sign that the labor market is losing momentum amid the Federal Reserve's efforts to counter inflation.

However, the quarterly GDP data (Q3) came to give the Fed some strength, as the US economy escaped the recession trap after recording positive data exceeding expectations.

However, between this and that, markets are becoming increasingly worried in light of the state of turmoil and high volatility between economic data, and traders are hoping for a glimmer of clarity in Powell's words to find out what's coming next.

  • Gold

Futures contracts for the yellow metal rose 1.7% or the equivalent of 30 dollars to the levels of 1778 dollars.

XAU/USD - spot contracts for USD gold increased in the range of 10 dollars to the levels of 1760 dollars with an increase of 0.6%.

  • Dollar and bonds
The main dollar index fell within 0.4% to levels near 106.4 points against a basket of major currencies.

The yield on 10-year bonds rose after a decline in early trading, reaching 3.76%.

  • Oil
Oil prices caught fire, with Nymex us light crude rising by 4%, equivalent to 2.7 dollars, to levels near 81.5 dollars.

  • Cryptocurrency 
The market value of digital currencies during these moments increased by more than 30 billion dollars to jump to levels above 850 billion dollars after the rise of all major currencies.

Bitcoin rose 2.5% near the levels of 17 thousand dollars, and Ethereum increased 5% to levels near the 1.3 thousand dollars

The ripple currency jumped 3% to 0.4 dollars, the dog coin rose 3% to 0.1 dollars, and the major currencies rose on average between 2% and 5%.

Important data
The data showed that US companies added only 127 thousand jobs this month, which is well below expectations of 190 thousand, and the lowest level since January, after adding 239 thousand in October.

GDP data showed that GDP increased in the third quarter on a quarterly basis by 2.9%, against expectations of only 2.7%, while in the second quarter it rose by 2.6%.
calendar_month30/11/2022 07:02 pm