A 77.7% chance of a December rate hike! The dollar, gold, or U.S. stocks—which will be the biggest loser?

A single nonfarm payrolls report has sent global financial markets on edge!
The U.S. added 165k jobs in October, far above expectations of 65k, while the unemployment rate fell to 4.1%. The strong labor market performance quickly prompted traders to increase their bets on a December Fed rate hike.
The latest market pricing shows the probability of a 25-basis-point rate hike in December rising to 77.7%.
So, which assets could be affected next?
First, the dollar. If markets believe U.S. interest rates will remain high or even rise further, the dollar could receive some support.
Next, gold. Since gold pays no interest, its relative appeal could be affected when bond yields rise.
Then there are U.S. stocks. Rate hikes mean higher financing costs, and growth companies that rely on expectations of future earnings in particular could face valuation pressure.
Of course, financial markets are never a simple math problem. Strong economic growth could also support corporate earnings, offsetting some of the pressure from interest rates.
So don't rush to bet on a direction just because you see 77.7%.
What really matters next is inflation data and the latest remarks from Fed officials.$AMD

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