Treasury yields and the Dollar tumbled while equity futures rallied on the August jobs report that showed more cooling than expected. This report was close to Goldilocks with slowing in employment with a 2023 average monthly gain of 236k versus 399k for 2022. The...
US July construction spending +0.7% vs +0.5% expected
US construction spendingUS construction spending for July % versus 0.5% expectedtotal construction spending $1,972.6 billion versus $1,938.4 billion last monthConstruction spending year on year +5.5% vs +3.5% priorprivate construction +1.0% vs +0.5% priorresidential...
US August ISM manufacturing PMI 47.6 vs 47.0 expected
ISM manufacturingPrior report 46.4Prices paid 48.4 vs 43.9 expected. Last month 42.6Employment 48.5 vs 44.2 expected. Last month 44.4New orders 46.8 vs 47.3 priorManufacturing has been in a recession for some time but there are some green shoots. I suspect this survey...
Fed’s Mester: Inflation still too high, but sees progress
Federal Reserve Bank of Cleveland President Loretta Mester gives closing remarks onsite before hybrid Inflation: Drivers and Dynamics Conference 2023 in Frankfurt, Germany. She's well-traveled at the moment as she spoke at Jackson Hole a week ago.Job market still...
US August final S&P Global manufacturing PMI 47.9 vs 47.0 prelim
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Canada August S&P Global PMI 48.0 vs 49.6 prior
Canada PMIPrior was 49.6Fourth month below 50Lowest since June 2020Fifth straight decline in new orders; lowest since MarchFull reportCommenting on the latest survey results, Paul Smith, Economics Director at S&P Global Market Intelligence said: “Canada’s...
Bad news is still good news for US equities. But for how long?
US equities are set for another gain today with S&P 500 futures up 0.6%. They rallied after US unemployment rose to 3.8% from 3.5%. The caveat for corporation is that rising unemployment came on a surge of people entering the labor force, which increases labor...
WTI crude oil breaks the August high — touches $85 for the first time since November
Today is the seventh straight day of gains for oil and it's broken out to the highest levels of the year. The $85 level has been a barrier for crude this year but yesterday Russia's Novak said that next week OPEC+ will announce a new supply agreement. He didn't say...
Weekly Market Recap (28-01 September)
Monday:BoJ Governor Ueda spoke on the weekend at the Jackson Hole Symposium and leant again on the dovish side:We think that underlying inflation is still a bit below our target.This is why we are sticking with our current monetary easing framework.BoJ Governor...
US dollar sinks as unemployment rate hits the highest in 18 months
The US dollar is softer against the euro, pound and yen following the August non-farm payrolls report. The US added 187K jobs compared to 170K expected but the market focus was on the unemployment rate, which rose to 3.8% from 3.5%. That's the highest since February...
August Jobs Report: Payrolls Rise by 187K, Setting Gold and USD on Opposite Paths
AUGUST LABOR MARKET REPORTAugust U.S. nonfarm payrolls increase by 187,000 versus 170,000 expectedThe unemployment rate rises to 3.8%, as the participation rate ticks up to 62.8% from 62.6%Average hourly earnings rise 0.2 % m-o-m and 4.3% y-o-y, one-tenth of a percent...
US August non-farm payrolls +187K vs +170K expected
Prior +187K (revised to +157K)Two-month net revision -110K vs -49K priorUnemployment rate 3.8% vs 3.5% expectedPrior unemployment rate 3.5%Participation rate 62.8% vs 62.6% priorU6 underemployment rate 7.1% vs 6.7% priorAverage hourly earnings +0.2% m/m vs +0.3%...
Canada Q2 GDP -0.2% vs +1.2% expected
Canada qq GDP annualizedQ1 was +3.1% (revised to +2.6%)Q/Q not annualized 0.0% vs +0.8% prior (revised to +0.6%)GDP + vs +2.21% y/y in Q1Implicit price +0.7% q/q vs +0.2% priorExports +0.1% vs +2.4% prior Imports +0.5% vs +0.2% priorHousehold spending on goods +0.1%...
Locked and loaded for the August edition of non-farm payrolls
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
ForexLive European FX news wrap: Currencies tightly bound awaiting NFP
Headlines:Markets:JPY leads, AUD lags on the dayEuropean equities higher; S&P 500 futures up 0.4%US 10-year yields up 0.6 bps to 4.096%Gold up 0.2% to $1,943.79WTI crude up 1.1% to $84.53Bitcoin up 0.1% to $26,050It was a quiet session for FX as traders are...
RBA to keep cash rate unchanged next week – poll
34 of 36 economists see the RBA leaving the cash rate unchanged next week21 of 35 economists see the RBA hiking to 4.35% or higher by year-endThe remaining 14 economists forecast no more rate hikes for the yearAmong Australia's "big four", ANZ, CBA, and Westpac are...
NZDUSD Technical Analysis – Watch this key resistance
US:The Fed hiked by 25 bps as expected and kept everything unchanged at the last meeting.Inflation expectations and CPI readings continue to show disinflation with the last two Core CPI M/M figures coming in at 0.16%. The US PMIs missed expectations across the board...
GBP/USD, Dollar Index (DXY) Hold Above Support Ahead of Key US Data Releases
GBP/USD, DXY PRICE, CHARTS AND ANALYSIS:GBP/USD Looks to Recover Yesterdays Losses and Holds Above the 100-Day MA Ahead of US Data.Price Action Remains Choppy as Cable Eyes Clarity from US Data. Will September Provide More Clarity?IG Client Sentiment Shows Retail...
BOE’s Pill: We have not seen a downturn in core inflation which would reassure us
Need to be particularly wary about letting an inflation persistence dynamic set inThe BOE still needs to hike rates again, so the headline remark definitely sides with that. The OIS market is pricing in ~76% odds of a 25 bps rate hike for later this month...
ECB’s Vujčić: We won’t know in Sept, October or even November where the terminal rate is
> Central Banks > ECB's Vujčić: We won't know in Sept, October or even November where the terminal rate is Central Banks Remarks by ECB policymaker, Boris Vujčić <!--> --> Justin Low Friday, 01/09/2023 | 10:09 GMT-0 01/09/2023 | 10:09 GMT-0 <!-->...