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Do Markets Actually Care About US Jobs Data?

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  • US equity markets are starting off October and 4Q’22 on exceptionally strong footing, while the US Dollar has dropped backed meaningfully.
  • Following the August US JOLTs report, speculation has gathered pace that the Federal Reserve won’t hike rates as aggressively as feared over the coming months.
  • Live coverage of the September US nonfarm payrolls report begins on Friday, October 7 at 08:15 EDT/12:15 GMT.

Oct 4, 2022 | DailyFX
James Stanley, Christopher Vecchio, CFA

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    • Week Ahead 5/12/22: AUD/USD on RBA rates; Berkeley earnings There are two rate decisions in the coming week: the Reserve Bank of Australia (RBA) and the Bank of Canada. We picks a trade around AUD/USD. On the corporate agenda the chart to watch is the housebuilder, Berkeley Group.  Jeremy Naylor | Writer, London | Publication date: Friday 02 December 2022 Market data to watch on 5/12 Let's take a look now at some of the events to watch out for in the week starting Monday the fifth of December. To begin first of all with the economic calendar and bring up what we have to start the week where we start off with the Chinese Caixin services PMI data. We've seen lots of evidence recently about this slowdown in China. I say this as a bit of a broken record because this now seems to be pretty much all the time that with this zero-Covid policy we are getting a lot of this data coming through a lot softer than many had been expecting. And the most recent NBS data first services in China shows it's shrinking and indeed shrinking to the point where we've got contraction now expected in GDP. US ISM non-manufacturing PMI data out later on in the day. 6/12 Let's take a look at Tuesday where we get the first of two interest rate decisions in the week ahead. The Australian central bank, the Reserve Bank of Australia (RBA) on its interest rate decision first thing in the morning. And the same sort of time overnight we get the British Retail Consortium on retail sales. Whether it's retail sales monitor out here for the British and UK economy. Canadian trade balance numbers out and US trade numbers and API crude oil inventories round off Tuesday the 6th of December. 7/12 Let's look at the mid-week trading session and we begin overnight with the release of data coming through for Australian third quarter GDP and Chinese trade numbers. Then later on in the morning we get the Halifax house price index. Remember recently we've seen the Nationwide numbers coming through on house prices showing a continuation of this slowdown and acceleration to some degree, second month in a row of shrinkage in house prices, month-on-month according to Nationwide. Let's see what the Halifax says on Wednesday. Rurozone third quarter growth and the second of two interest rate decisions that week, that one in Canada, the Bank of Canada is due to detail that move at 3pm UK time. 8/12 Let's look at thursday, the 8th of December. Overnight we get GDP numbers out from Japan, its third quarter and the final revision for these numbers so we shouldn't expect any necessarily too far away numbers we've already got from the revisions we've had so far. Aussie trade numbers and the weekly jobless claims in the States. 9/12 And rounding off the week on Friday consumer prices in China, US producer prices, Michigan consumer sentiment, wholesale inventories, and we round off the week as we always do with the Baker Hughes oil rig count.
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