NFP Shock Sends Dollar Lower and Gold Above 4,300, but Geopolitical Risks Rise

The US jobs report finally gave markets the catalyst they had been waiting for, sending the Dollar sharply lower and precious metals surging as traders scaled back expectations for another Fed rate hike. Nonfarm payrolls unexpectedly fell -23K in July, compared with expectations for an 85K increase, but the headline shock was only part of the story.