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.
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