Today the calendar is empty. The markets will either consolidate or continue to trade based on yesterday’s surprisingly weak US consumer confidence report.
The labour market details in the report softened a lot and the market raised the probabilities for a 50 bps cut in November to roughly 60%. This doesn’t bode well for the NFP report due next Friday as we already got bleak commentary in the S&P Global PMIs and now this consumer confidence report.
The US jobless claims though continue to show a solid picture and for now that’s the only outlier. It’s certainly makes it a harder to hold risk assets into the NFP report. The next big event will be the US ISM Manufacturing PMI due next Tuesday.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
Recent Posts
Categories
Related Articles
US sells 5-year notes at 3.519% vs 3.519% WI
Rates have been creeping up at the long end since the Fed...
US treasury to auction off a $70 billion and 5-year notes at the top of the hour
The US treasury will auction off $70 million and five year notes...
Russian Putin: Current military – political situation is changing dynamically
Number of clarifications have been proposed with regard to definition of conditions...
EUR/GBP Price Analysis: Pair finds stabilizes at 0.8350, technical outlook remains bearish
EUR/GBP rose to 0.8370 on Wednesday, displaying some volatility during the European...
Leave a comment