
Australian Jobs Report Hammers Another Nail into the Coffin for RBA Hikes
Australian jobs fell by 39.3k as unemployment held at 4.7%, sending the Aussie lower and prompting traders to scale back expectations for further RBA hikes.
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Australian jobs fell by 39.3k as unemployment held at 4.7%, sending the Aussie lower and prompting traders to scale back expectations for further RBA hikes.

Traders and economists expect the NFP report to show that the US created 90K net new jobs, with average hourly earnings rising 0.3% m/m (3.1% y/y) and the U3 unemployment rate at 4.1% - see what the leading indicators are suggesting!

NFP leading indicators point to a potentially above-expected reading in this month’s jobs report, with headline job growth coming in somewhere in the 75-125K range, with a chance the report tips the scales on the FOMC interest rate decision later this month.

The Pound is the weakest major currency on the day, with GBP/USD falling -50 pips on the day to break below a 1-month bullish trendline as traders digest the UK jobs report and new government.

Traders are pricing in an outside shot of a Q3 rate hike by the Fed - will this month's NFP report dash those hopes?

A confirmed break below 1.3400 would create a bearish head-and-shoulders pattern on GBP/USD and open the door for a drop to below 1.3300 - see why!

Leading indicators point to a potentially above-expected reading in this month’s NFP report, with headline job growth potentially coming in somewhere in the 80-120K range - read on for more analysis!

Statistics Canada released one of the strongest jobs reports in recent memory, with Canada’s economy creating over 60K new jobs in September, including a staggering 100K+ full-time roles.

Leading indicators point to a below-expectations reading in this month’s NFP report, with headline job growth potentially coming in somewhere in the 75-125K range
The US Dollar Index (DXY) is at 3+ year lows as continued yellow flags on inflation and the labor market could prompt the Fed to cut interest rates as soon as July.
The US Dollar is vulnerable as leading indicators point to near-expectation reading in this month’s NFP report, with headline job growth potentially coming in somewhere in the 115-150K range.
Coming in the lead up to a tightly-contested Presidential election, this month’s NFP report could have an outsized impact on sentiment and the US dollar.
The recent consolidation in the US Dollar Index and the Fed’s renewed data dependence could lead to a more-volatile-than-usual reaction in the US dollar.
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