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29 Aug 2023

Markets Jolted

• Softer US data. US consumer confidence & the JOLTS report came in weaker than expected. This weighed on US bond yields & the USD.• US focus. US labour market trends will remain in the spotlight with ADP employment, jobless claims, & non-farm payrolls due over coming days.• AU inflation. Monthly CPI indicator released today. It is an incomplete series, particularly so early in the quarter. The data may generate intra-day AUD volatility. Downside surprises in the US economic data released overnight has generated a meaningful market reaction with equities higher (S&P500 +1.5%), bond yields lower (US 2yr yield -11bps,...

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29 Aug 2023

Markets mean-revert into month end

With month-end flows increasing and the week’s major data releases still ahead, the dollar is trapped in a consolidative range, North American equity bourses are setting up for a modestly-stronger opening, and Treasury yields are incrementally lower across the front end of the curve. North America The number of job vacancies per unemployed worker likely held near the 1.6 mark in July, underlining continued tightness in the US labour market. This morning’s Job Openings and Labor Turnover Survey (out at 10 am) is expected to show roughly 9.45 million jobs available in the month, with the quits rate – a proxy...

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