U.S. January non-farm payrolls mixed, supporting the Fed to hold off on rate cuts

Odaily News After the January interest rate meeting, the Federal Reserve entered a phase of suspending interest rate cuts. Non-farm data showed that the U.S. labor market remained resilient. Trump's tariff policy was inconsistent after he officially took office, and the actual implementation was limited. In addition, it will take time to observe the impact of Trump's foreign tariff policy on inflation, and the tariff issue will continue to disturb the market.
Since January, gold prices have continued to rise to new highs. The safe-haven demand caused by tariff issues has dominated, and the fundamental data has been weakened. The January non-farm report was bearish on gold as a whole and failed to provide more upward momentum. The Federal Reserve's suspension of interest rate cuts and the stability of the job market have supported the US dollar index. There is an upside risk to US bond yields, which is expected to stop falling and rebound, and the stock market will continue to fluctuate. (Jinshi)