Gold Rallies, Yen Surges, Treasury Yields Fall As Disappointing Payrolls Data Supports Large Rate-Cut Bets
Gold Rallies, Yen Surges, Treasury Yields Fall As Disappointing Payrolls Data Supports Large Rate-Cut Bets
Lower-than-expected private employment growth in August triggered positive reactions Thursday in interest rate-sensitive assets like gold and the Japanese yen, while pushing Treasury yields lower as traders bolster their bets on a 50-basis-point rate cut by the Federal Reserve this month.
8月份私人就業增長低於預期，觸發了利率敏感資產的積極反應，如黃金和日元，同時推動國債收益率走低，交易員加大了對本月聯儲局50個點子減息的押注。
U.S. private employers added 99,000 jobs in August, the lowest reading since January 2021 and down from a downwardly revised 111,000 in July, the ADP National Employment report revealed.
美國私營企業在8月份增加了99,000個就業崗位，是自2021年1月以來最低的數據，低於7月份下調後的111,000個，ADP國家就業報告顯示。
The outcome fell short of the predicted 140,000, highlighting a surprising cooling in labor market conditions last month.
這一結果低於預期的14萬，突顯出上個月勞動力市場出現了令人驚訝的降溫。
While weekly jobless claims were in line with expectations and offered little new insight, signs of further weakness in the labor market surfaced in the Challenger Job Report, which recorded 75,891 job cuts in August — a sharp 193% increase from the 25,885 cuts in July.
雖然每週失業救濟的申請與預期一致，未提供新的見解，但挑戰者就業報告中出現了勞動力市場進一步疲軟的跡象，8月份記錄的75,891次裁員人數，比7月份的25,885次大幅增加了193%。
A day earlier, official statistics revealed that job openings fell to 7.673 million in July, the lowest in over three years, with vacancies now almost closing the gap with the level of unemployment.
一天前，官方統計數據顯示，7月份的職位空缺減少到了767.3萬個，是3年多來的最低水平，空缺現在幾乎已經和失業水平持平。
Following the slew of Thursday's labor market data, market-implied probabilities for a 50-basis-point cut surged to 45%, as per CME Group's FedWatch tool, ahead of the highly anticipated official jobs report on Friday.
在週四的一系列勞動力市場數據發佈後，芝加哥商品交易所的FedWatch工具顯示，市場對50個點子減息的概率激增至45%，迎來了週五備受期待的官方就業報告。
Market Reactions
市場反應
Treasury yields moved lower across the board, with the policy-sensitive two-year yield down by 3 basis points to 3.72%, hitting the lowest yield in a month.
國債收益率全線下行，政策敏感的兩年期收益率下跌了3個點子至3.72%，達到了一個月來的最低水平。
The benchmark 10-year yield dropped to 3.73%, marking its lowest level in a month. It also officially surpassed the two-year yield for the first time since July 2022, marking the end of the U.S. yield curve inversion.
標準的10年期收益率下降至3.73％，創下一個月以來的最低水平。這也是自2022年7月以來首次超過2年期收益率，標誌着美國收益率曲線倒掛的結束。
In premarket trading, the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) was 0.3% higher at 9:00 a.m. in New York, after closing 1.3% higher on Wednesday.
在盤前交易中，iShares 20+年期美國國債etf（納斯達克:TLT）在紐約時間上午9點時上漲了0.3％，在週三收盤後上漲了1.3％。
The Japanese yen rose against the dollar, amid narrowing yield differentials between the two regions. The Invesco CurrencyShares Japanese Yen Trust (NYSE:FXY) was 0.4% higher.
隨着兩個地區之間收益差異的縮小，日元兌美元匯率上升。Invesco CurrencyShares日元etf（紐交所:FXY）上漲了0.4％。
Gold prices rallied on the back of disappointing employment data, with the commodity surging to $2,515 per ounce. The SPDR Gold Trust ETF (NYSE:GLD) was up by 0.9%.
黃金價格在就業數據令人失望的推動下上漲，商品價格飆升至每盎司2515美元。SPDR Gold Trust ETF（紐交所:GLD）上漲了0.9％。
U.S. major indices are set to open slightly in the red, with S&P 500 futures down 0.1% and Nasdaq 100 futures slipping 0.3%.
美國的主要指數有望稍爲下跌，標準普爾500指數期貨下跌0.1％，納斯達克100指數期貨下跌0.3％。
Sector-wise, technology stocks, as tracked by the Technology Select Sector SPDR Fund (NYSE:XLK), lagged, down 0.6%. Utilities, as tracked by the Utilities Select Sector SPDR Fund (NYSE:XLU), strengthened the most, up 0.7%.
從板塊來看，科技股，由科技行業精選指數etf-spdr（紐交所:XLK）追蹤，下跌0.6％。公用事業股，由公用事業精選行業指數etf-spdr（紐交所:XLU）追蹤，漲幅最大，上漲0.7％。
- Could August Jobs Numbers Keep Recession Fears At Bay? 'This Time Is Different,' Analyst Says
- 8月份的就業數據能否讓人們對經濟衰退的擔憂減少？分析師表示：「這一次不同。」
Illustration created using artificial intelligence via Midjourney.
使用人工智能創建的插圖，通過Midjourney。
譯文內容由第三人軟體翻譯。