DXY is down.
AUD is up, though the trend is a mess.
CNY down.
Gold to the moon!
Metals mixed.
Big bear is still in there.
EM yawn.
Junk still trending better.
Whoa! US short-end yields are breaking down, long sticky.
Feeding stocks.
So much for bond vigilantes. We’ve been JOLTED instead.
The number of job openings was little changed at 7.2 million in July, the U.S. Bureau of Labor Statistics reported today.
Over the month, both hires and total separations were unchanged at 5.3 million.
Within separations, both quits (3.2 million) and layoffs and discharges (1.8 million) were unchanged.
More confirmation of a soggy labour market. If immigration were not at zero, unemployment would be climbing.
I would still be waiting were I the Fed, but it’s more grist for Trump’s dovish mill.
We’re up to a 95% chance of the Fed cutting this month.
NFP is on Friday, so that will give us the final read, but it’s pretty firm that the Fed is going to move. and push AUD up when it does.
