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07 Oct 2024

07 Oct 2024

USD revival

• Stronger USD. A positive US jobs report has seen US rate expectations reprice higher, supporting the USD. AUD has fallen to mid-September levels.• China reopening. Financial markets in mainland China reopen today after a holiday. This will be in focus, as will a briefing by its economic planners.• Local events. Consumer confidence, business conditions, RBA meeting minutes, & speech by RBA Dep. Governor Hauser also on the radar. Last Friday’s stronger than anticipated monthly US jobs report generated a market jolt. The robust job creation (non-farm payrolls rose 254,000 in August), positive revisions to history, dip in the unemployment...

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07 Oct 2024

Dollar Climbs as US Economy Bounces Off Runway

US yields are back to their highest levels since early August after Friday’s blockbuster non-farm payrolls report bolstered the likelihood of a “no landing” scenario in the economy. With investors growing more confident in an outlook in which job creation continues, growth remains robust, and inflation moderates more slowly, the Federal Reserve is now seen easing policy at a more gradual pace than expected only a week ago. Two- and ten-year interest rates holding near the 4-percent threshold, North American equity markets are setting up for a negative open, and the dollar is heading toward posting a sixth daily gain,...

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