Macro Roundup (Oct 8)

게시됨: Oct 08, 2021 08:30 (GMT+8)
The dollar barely moved against a basket of currencies on Thursday, as investors awaited the release of U.S. labor market data on Friday that could provide clues to the timing of the Federal Reserve’s next move as it looks to normalize policy.

SHANGHAI, Oct 8 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The dollar barely moved against a basket of currencies on Thursday, as investors awaited the release of U.S. labor market data on Friday that could provide clues to the timing of the Federal Reserve’s next move as it looks to normalize policy.

The U.S. Dollar Currency Index, which measures the greenback against a basket of six currencies, was little changed on the day, trading at 94.20, not far from the 1-year high of 94.504 touched last week.

Most major currency pairs clung to familiar ranges, with traders disinclined to place large directional wagers before a key data release.

“A rather typical pre-nonfarm payrolls lull has taken over the market today,” said Michael Brown, senior analyst at payments firm Caxton in London.

“I think we’ll probably range like this until the jobs report is out of the way, though even then any USD weakness should be faded given how a November taper looks near-certain,” Brown said.

The Federal Reserve has said it is likely to begin reducing its monthly bond purchases as soon as November and then follow it up with interest rate increases, as the U.S. central bank’s turn from pandemic crisis policies gains momentum.

Friday’s non-farm payrolls data is expected to show continued improvement in the labor market, with a forecast for 455,000 jobs to have been added in September, a Reuters poll showed.

U.S. stock index futures were flat during overnight trading on Thursday as Wall Street awaits Friday’s key September jobs report.

Futures contracts tied to the Dow Jones Industrial Average gained 41 points. S&P 500 futures were up 0.08%, while Nasdaq 100 futures advanced 0.1%.

Stocks advanced during regular trading on Thursday as Washington reached a deal to raise the debt ceiling into December. The Dow gained about 340 points, or 0.98%, for its third straight positive session. The S&P 500 and Nasdaq Composite also advanced for a third day, gaining 0.83% and 1.05%, respectively. The three major averages are on track to finish the week in the green.

Oil futures rebounded on Thursday, as the market deemed it unlikely that the United States would release emergency crude reserves or ban exports to ease tight supplies.

Brent futures rose 87 cents, or 1.1%, to settle at $81.95 a barrel, while U.S. crude gained 87 cents, or 1.1%, to settle at $78.30 a barrel. Earlier in the day prices at both benchmarks dropped $2 a barrel.

The U.S. Department of Energy said all “tools are always on the table” to tackle tight energy supply conditions in the market.

Gold fell on Thursday as a drop in U.S. weekly initial jobless claims, ahead of the monthly jobs data later this week, boosted Treasury yields and stoked bets that the U.S. Federal Reserve may soon start winding down its economic support.

Spot gold was down 0.3% at $1,757.30 per ounce by 1:34 p.m. ET. U.S. gold futures settled 0.2% lower at $1,759.2.

Mainland China markets are set to resume trading after a week-long holiday.

The pan-European Stoxx 600 closed up by 1.6%, with autos surging 3.2% to lead gains as all sectors and major bourses traded in positive territory.

The strong session for Europe on Thursday continues a trend of wild trading swings already seen in October. On Wednesday, negative sentiment characterized European market trades as U.S. Treasury yields briefly spiked, with inflation concerns weighing on global markets.

데이터 출처 설명: 공개 정보를 제외한 모든 데이터는 SMM이 공개 정보, 시장 커뮤니케이션 및 SMM 내부 데이터베이스 모델을 기반으로 가공한 것입니다. 본 자료는 참고용이며 의사결정 권고를 구성하지 않습니다.

문의 사항이 있거나 자세한 정보를 원하시면 아래로 연락해 주시기 바랍니다: lemonzhao@smm.cn
리서치 보고서 열람 방법에 대한 자세한 내용은 아래로 문의하시기 바랍니다:service.en@smm.cn