Wednesday , 6 November 2024
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What are the main events for today?

The European session is pretty empty today on the data front. The main highlights will be the US Job Openings and the US Consumer Confidence data in the American session. The market is focused on the US election now, so although the data will be market moving, it has less of an influence.

Nevertheless, with Trump looking like the clear favourite for the market, we might see weak data being faded and hot data increasing the momentum in the “Trump trade”.

14:00 GMT/10:00 ET – US September Job Openings

The US Job
Openings is expected at 7.990M vs. 8.000M prior. The last report surprised to the upside with the quits rate ticking
slightly lower and the hiring and layoffs rates remaining stable. It’s a labour
market where at the moment it’s hard to find a job but there’s also low risk of
losing one.

14:00 GMT/10:00 ET – US October Consumer Confidence

The US Consumer
Confidence is expected at 99.5 vs. 98.7 prior. The last report surprised with a big miss. Dana M. Peterson, Chief
Economist at The Conference Board said: “Consumer confidence dropped in
September to near the bottom of the narrow range that has prevailed over the
past two years. September’s decline was the largest since August 2021 and all
five components of the index deteriorated.”

“Consumers’
assessments of current business conditions turned negative while views of the
current labour market situation softened further. Consumers were also more
pessimistic about future labour market conditions and less positive about
future business conditions and future income.”

“The deterioration
across the Index’s main components likely reflected consumers concerns about
the labour market and reactions to fewer hours, slower payroll increases, fewer
job openings—even if the labour market remains quite healthy, with low unemployment,
few layoffs and elevated wages.”

“The proportion of
consumers anticipating a recession over the next 12 months remained low but
there was a slight uptick in the percentage of consumers believing the economy
was already in recession.” Watch also the Present Situation Index as it generally leads the Unemployment Rate.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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