Momentum has swung back towards Harris over the weekend and this is having a clear impact on the dollar-bullish Trump trade.
The US dollar has sold off quite aggressively across the board though we haven’t seen much impact in the world of equities where us equity futures are trading up ahead of the US open on Friday.
The US jobs report gave off some mixed signals with payrolls coming in well below forecasts but the hourly earnings coming in hot on net, the expectation remains for two more rate cuts at the fed between now and year end elsewhere.
Oil prices are on the rise after OPEC agreed to push back its December production increase by one month and Iran’s supreme leader warned enemies will receive a crushing response on the data front.
Eurozone and German manufacturing PM I reads were solid while Centex investor confidence improved. Looking ahead, we get us factory orders and some ECB speak.
Otherwise, the yen has been a little better bid today, perhaps after the BOJ signaled it would be prepared to hike rates more if its outlook was met.
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