Key Events and Economic Data: Fed Policy Expectations and US Employment Report

The focus of this week's economic data is on the October non-farm payrolls released by the US Department of Labor. Influenced by various factors, including the impact of hurricanes and strikes in the aerospace manufacturing industry, non-farm employment only increased by 12,000, which is below market expectations. At the same time, the unemployment rate remains stable at 4.1%, indicating that the labor market as a whole still has resilience.

The employment report directly affects the Fed's policy expectations. With the data released, the market's likelihood of a 25 basis point rate cut by the Fed on November 7th has risen to 100%, up from 91% before the data was released. This expectation has supported the safe-haven demand in the gold market, keeping the price of gold at a high level for most of this week.