US equity markets are starting off October and 4Q’22 on strong footing, while the US Dollar has dropped. Following August’s US JOLTs report, speculation has gathered pace that the Fed won’t hike rates as aggressively as feared over the coming months.
adding over +8.5%. Meanwhile, the US Dollar is down by more than -4% from its high last week.
The rebound in risk appetite comes after a surprising August US JOLTs report on Tuesday morning. Job openings in the US dropped precipitously in August, down to 10.05 million from 11.17 million in July. But these data are exactly what the Federal Reserve wants to see: a labor market losing momentum as an indication that their fight against multi-decade highs in inflation pressures is working.
The JOLTs report serves as a nice appetizer ahead of this week’s main economic course, the September US nonfarm payrolls report on Friday. In recent months, however, US jobs data has taken a backseat to US inflation data as the Fed has more-or-less become a single mandate central bank. What does the September US nonfarm payrolls report mean for financial markets at the start of October? Senior Strategists James Stanley and Christopher Vecchio, CFA discuss in this Tuesday’s DailyFX Analyst Chat.
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