ECBs Knot is speaking and says:We are getting on top of the inflationPolicy is in a good placeWe have a credible perspective of bringing back inflation to 2% in 2025Comfortable with current stance of policyAlso speaking is ECB's Vassle and Vujcic:Vujcic:We are on a...
September Jobs Report: Payrolls at 336,000; Gold and US Dollar Go Their Own Way
SEPTEMBER LABOR MARKET REPORTSeptember U.S. nonfarm payrolls increased by 336,00 versus 170,000 expected.The unemployment rate held steady at 3.8%, one-tenth of a percent above estimates.Average hourly earnings clocked in 0.2% m-o-m and 4.2% y-o-y, slightly below...
Canada September employment 63.8K vs 20.0K expected
Candor jobs data shows a stronger than expected increasePrior 39.9Kemployment change 63.8Kvs 20.0K estimate.Unemployment rate 5.5% vs. 5.6% estimate. Last month 5.5%.Full-time employment 15.8K vs 32.2K last monthpart-time employment 47.9K vs. 7.8k last...
US September non-farm payrolls +336K vs +170K expected
Nonfarm payrollsPrior +187K (revised to +227K)Two-month net revision +119K vs -110K priorUnemployment rate 3.8% vs 3.7% expectedPrior unemployment rate 3.8%Participation rate 62.8% vs 62.8% priorU6 underemployment rate 7.0% vs 7.1% priorAverage hourly earnings 0.2%...
Locked and loaded for September non-farm payrolls
The White House already has the jobs numbers, is that why Biden is scheduled to speak about them later? Eyes aren't just on the 170K headline but also on the unemployment rate, which is expected at 3.7%.Make sure to check out the non-farm payrolls preview.MoneyMaker...
Forexlive European FX news wrap: Schnabel won’t rule out more ECB rate hikes
Markets:Gold up $1 to $1821US 10-year yields up 2.9 bps to 4.74%WTI crude oil up 18-cents to $82.48S&P 500 futures up 0.2%GBP leads, JPY lagsThe news was mostly positive in Europe as German industrial orders rebounded from a dreadful July and Schnabel kept the...
USD/JPY climbs above above 149.00 as yields rise
It's likely a fool's errand to try to make sense of price action in the hour before the non-farm payrolls report but USD/JPY is at the highs of the day, up 58 pips to 149.09. It's getting help from a 3.4 bps rise in 5-year yields to 4.71% the rest of the curve is up...
Nasdaq Composite Technical Analysis – Watch these levels for the next direction
Despite the strength in the US data this week and another beat in Jobless Claims yesterday, the Nasdaq Composite didn’t sell off like we saw in the past week. The index is hovering around a key support level and it looks like the soft landing vibes might be returning...
Large EUR/USD options run off after the jobs report– a look at today’s FX options
The US dollar continues to lose ground ahead of today's non-farm payrolls report. That's helped to boost EUR/USD up to 1.0558.For the 10am NY cut, there are some huge expiries today, both in the 1.0650 range and 1.0450 range.The euro options expirations aren't the...
AUDUSD Technical Analysis – Watch this key resistance
US:The Fed left interest rates unchanged as expected at the last meeting.The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike...
US dollar gives back agains as cable crosses 1.2200
Treasury yields are still higher but the earlier gains from the US dollar have evaporated. Leading the gainers are the yen and pound. The latter is now higher for the third day in a row and is back above 1.2200.Could this be the start of a bigger retracement?cable...
Mohamed El-Erian on 2 factors that makes a US recession more likely
El-Erian is Allianz chief economic adviser. He wrote an op-ed in the Financial Times (gated). Business Insider highlight his main points from the FT piece: Two reasons why America's odds of avoiding a recession may be dwindling Yields on the 10-year US Treasury bond...
ECB’s Schnabel: If risks materialize, further rate hikes may be necessary
ECB's SchnabelThe ECB has published an interview with executive board member Isabel Schnabel.Overall, the recent news on inflation is encouragingCore inflation has proven more stubbornWe cannot take it for granted that inflation will only move downwards from now on,...
USDCAD Technical Analysis – Key support in sight
US:The Fed left interest rates unchanged as expected at the last meeting.The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike...
Exxon in talks to buy Pioneer – report
PXD shares dailyThe WSJ reports that Exxon is in talks to buy Pioneer Natural Resources in what would be the largest oil deal since Exxon and Mobile came together and one of the largest corporate takeovers ever.Pioneer's market cap is $50 billion and the WSJ says the...
Italy August retail sales -0.4% vs +0.4% prior
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,...
JPMorgan’s Marko Kolanovic is preparing for a possible 20% drop in the S&P 500
JPMorgan’s Marko Kolanovic spoke with CNBC on Thursday, is looking for the further fall due to high interest rates setting up a shunt lower. Says cash at a 5.5% return in money market and short-term Treasurys is a key protection strategy at present “I’m not sure how...
Is Biden’s appearance a tell?
AI imageEamonn earlier noted that US President Joe Biden has been scheduled to speak about the jobs report at 11:30 am ET.A few things to keep in mind:The White House gets the jobs number on Thursday afternoonThis speech wasn't scheduled until after that timeBiden...
McCormick Stocks Powerfully Dropped. How It Is Connected to China
What's that scent in the air? It's the aroma of stocks that have taken an 8% hit in just a week, and a 14% one in a month. And if you happen to hold McCormick stocks in your portfolio, you're probably well aware of it. The spice giant's shares are experiencing some...
JP Morgan bond manager sees strong economy, can handle higher rates, 10yr could get to 6%
Bloomberg (gated) has the report on the manager of US$8.8 billion JPMorgan Strategic Income Opportunities Fund.In brief:As of the end of August, 63% of the portfolio was in cash-like instrumentsthe rest is primarily in short-dated, floating-rate investment-grade...