Aboutthe most interesting item from the session was early on, withafternoon comments from White House Press Secretary KarineJean-Pierre saying the White House is anticipating a slowing in jobsgrowth, and that employment data is going to 'cool off'.
Forthose awaiting the non-farm payroll report out of the US on Fridaythis is most likely a good heads up to a slowing in the labourmarket. Given the Federal Open Market Committee (FOMC) have beenraising rates, looking to slow demand, and promising further hikesahead (J. Powell said ‘forceful’ in his speech at Jackson Holeon Friday) a slower jobs market will come as no surprise.
Apartfrom that there wasn’t much else from the session. Japan’sunemployment rate for July was reported, 2.6%! Speaking of Jays, theZ might be saying “99 problems but a job ain’t one” for Japan.
Australianbuilding permits were also reported, see bullets above but nosurprise here the trend is solidly lower.
Formajor FX it was fairly subdued. AUD, NZD, EUR, GBP, CAD all slipped alittle against the USD but in small ranges only. USD/JPY is net a fewtics lower on the session.
The People's Bank of China set the onshore yuan stronger than expected at the daily reference rate announcement today for the fifth day in a row.
Oil sat sideways after its rise on Monday:
This article was written by Eamonn Sheridan at
www.forexlive.com.
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