About
the most interesting item from the session was early on, with
afternoon comments from White House Press Secretary Karine
Jean-Pierre saying the White House is anticipating a slowing in jobs
growth, and that employment data is going to ‘cool off’.
For
those awaiting the non-farm payroll report out of the US on Friday
this is most likely a good heads up to a slowing in the labour
market. Given the Federal Open Market Committee (FOMC) have been
raising rates, looking to slow demand, and promising further hikes
ahead (J. Powell said ‘forceful’ in his speech at Jackson Hole
on Friday) a slower jobs market will come as no surprise.
Apart
from that there wasn’t much else from the session. Japan’s
unemployment rate for July was reported, 2.6%! Speaking of Jays, the
Z might be saying “99 problems but a job ain’t one” for Japan.
Australian
building permits were also reported, see bullets above but no
surprise here the trend is solidly lower.
For
major FX it was fairly subdued. AUD, NZD, EUR, GBP, CAD all slipped a
little against the USD but in small ranges only. USD/JPY is net a few
tics 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: