US employment data surprised to the upside in October. Despite the 16-day partial government shutdown, non-farm payrolls increased +204Kwith the private sector adding +212K. The dysfunction eliminated 8K from government positions. September’s addition was revised up, by +15K, to 163K. The unemployment rate climbed up to 7.3% in October from 7.2% in the prior month. Meanwhile, the participation rate drifted -0.4% lower to 62.8% during the month.
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Weekly Fundamentals – Strong US Data Sent USD and Yields Higher, Gold Lower
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