Foreign exchange, raw materials – the euro cannot keep profits – the economy

The US labor market report published in the afternoon only helped the euro to gain temporarily on Friday. The data initially weighed on the dollar, in return the euro had risen to $ 1.1909. However, profits crumbled in the further course of trading and the euro was recently quoted little changed at 1.1881 dollars. 235,000 new jobs were created in August. Economists had expected an increase of 728,000. The disappointing employment data suggested at first glance that the US Federal Reserve might postpone the start of the exit from its loose monetary policy. Experts pointed to the simultaneous fall in the unemployment rate and, above all, to the significant increase in wages. “The situation is anything but easy for the Fed,” commented Thomas Gitzel, VP Bank’s chief economist. “The shortage of workers and materials is increasing inflationary pressure, while the corona catch-up effects are already running out.” The gold price rose according to the job data. An ounce of the precious metal traded 1.1 percent higher at $ 1,829.

Silver, which also plays a role in the industry, climbed 3.4 percent to $ 24.72. Silver is used, among other things, in electronic products such as cell phones, cars and numerous future technologies. The precious metals palladium and platinum also rose in price by 1.1 and 2.5 percent, respectively. Oil prices fell in late trading. The price of a barrel of North Sea Brent fell 0.6 percent to $ 72.57. The US variety WTI fell one percent to $ 69.28. On a weekly basis, oil prices have changed little. While the price for crude oil from the North Sea fell slightly, the price for US oil rose by 0.8 percent.


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