US stocks were rising as a result of the NFP data on Friday. The data was better than expected and showed that 236,000 jobs were created during the past month. In addition to positive payroll data the Unemployment rate also declined to its lowest level since 2008.
This also affected the Asian market, which rose as well during the day.
Disappointing data from Germany supported the slowdown in the European economy. This further drove speculation that the European Central Bank will need to act to boost the economy and avoid the risk of deflation.
Gold sharply declined after the labor data from the US was released. The metal trades inversely to the Dollar and the Dollar’s rise on Friday pushed Gold down to a 15 month low. Further declines were seen as stocks were also boosted and equities act as an alternative investment to the commodity.
Trading Tip: As the price of Gold is so low, we could see an increase in physical demand. But with no key daya being released today, it is most likely that we will see the asset trading badly.
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