- The first piece of this week’s US labor market puzzle dropped into place yesterday with the JOLTs data coming in better than expected. The headline number of job openings jumped to 7.74 million in October versus a downwardly revised 7.37 million in the previous month and goes against recent employment data. Commentators expressed caution in the data as October’s hurricanes are partly to blame for recent soft reports as the attention today shifts to the ADP Private payroll report ahead of Friday’s Non-farm Payroll release. Yesterday’s print did little to impact Fed pricing ahead of the December policy meeting, with markets still undecided about a cut or pause. Fed Chairman Jerome Powell is on the wires later today and his San Francisco colleague Mary Daly was as non-comital as recent Fed-speak last night when commenting about rate cuts. She said, “Whether it’ll be in December or some time later, that’s a question we’ll have a chance to debate and discuss in our next meeting, but the point is we have to keep policy moving down to accommodate the economy.”
- The single currency is holding up reasonably well as the French government faces a no-confidence motion today that could topple the government and throw the euro area’s second largest economy into political turmoil. Lawmakers will debate the motion towards the end of the European trading day, with the voting to start shortly after. The motion comes after PM Michel Barnier used a constitutional mechanism to force through an unpopular budget bill. EURUSD is once again hovering around the pivotal 1.05 area as markets remain increasingly negative on the outlook for the euro area.
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