- The disappointing Nonfarm Payrolls report of 12,000 net new jobs in October despite a consensus estimate of 113,000 triggered a decline in the US Dollar.
- The Unemployment Rate remained unchanged at 4.1%, while the Labor Force Participation Rate inched down to 62.6%.
- The Average Hourly Earnings increased to 4% YoY from 3.9%, suggesting continued wage inflation.
- The robust Services PMI, which rose to 54.9 from 51.5, contradicted the weak NFP data.
- Markets expect a 25 bps cut from the Fed next week and another 25 bps cut in December.
- No Fed speakers are scheduled this week due to the media blackout before the FOMC meeting.
- Bets on a Donald Trump victory in the presidential election, expected to lead to inflationary policies, also supported the US Dollar in the last several sessions, but weekend polls showing rising odds in favor of Kamala Harris have triggered a decline.
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