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03 Sep 2023

USD volatility

• US data. Payrolls were a little stronger than expected, but greater labour supply pushed up unemployment. Manufacturing ISM a bit better than anticipated.• Market volatility. US yields & the USD were whipped around by the US data. AUD spiked initially, but then reversed course as the USD rebounded.• Event radar. Locally, the RBA meeting (Tues), GDP (Weds) & speech by Gov. Lowe (Thurs) are due. Offshore, China trade data & US services ISM are in focus. Markets were whipped around by the US economic data on Friday night with the latest jobs report in the spotlight. The data kept...

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