PREVIOUS TRADING DAY EVENTS 03 Oct 2023

The JOLTS report took the market by surprise with way more than expected job openings in August amid a surge in demand for workers in the professional and business services sector, pointing to a stilltight labor market. An increase of three straight monthly declines in job openings.

The Fed holds rates steady currently but signalled a hike by the end of this year.

Job openings were reported at 9.610M versus the previous 8.92M on the last day of August. That was the most in just over two years. Expectations changed regarding the U.S. central bank decision on rates. Now it looks unlikely it will keep rates unchanged at its Oct. 31Nov. 1 policy meeting, according to CME Groups FedWatch tool. 

Fridays payroll data should help clarify if the labour market is as strong as the JOLTS report implies because at this stage of the Feds last mile to untangle the remaining sticky inflation, a stronger than expected report will be the last thing the Fed wants to see, not to mention financial markets, said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina.

Source

httpswww.reuters.comworldususjobopeningsunexpectedlyriseaugust20231003

The yen strengthened sharply against the dollar on Tuesday just after 1700. The market reacted to what they believed to be intervention

Source httpswww.reuters.commarketscurrenciesdollarsharplyweakensagainstyenafterbrieflyrisingabove15020231003

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