The market rally carried on yesterday seeing the US indices rise a further 3% and show their biggest two-day gain since April 20. Soft data and an earlier dovish RBA were the catalysts following on from Monday’s weak ISM which has encouraged markets that the fabled unicorn of a Fed pivot is once again just over the hill ahead. Is it or is this another hate rally like the one we had back in July?
The weak data yesterday was the major slowdown in the JOLTS employment data which showed a drop of one million job openings from the previous month leaving the overall number at its lowest level in well over a year. The measure is historically a volatile series and in the week of NFPs tends to ranked as a secondary print but it garnered more attention yesterday as Chair Powell had referenced it early last month when he said that “job openings could come down significantly, and they need to, without as much of an increase in unemployment as has happened in earlier historical episodes”.
The weak data yesterday was the major slowdown in the JOLTS employment data which showed a drop of one million job openings from the previous month leaving the overall number at its lowest level in well over a year. The measure is historically a volatile series and in the week of NFPs tends to ranked as a secondary print but it garnered more attention yesterday as Chair Powell had referenced it early last month when he said that “job openings could come down significantly, and they need to, without as much of an increase in unemployment as has happened in earlier historical episodes”.
Comment:
0.95137*
0.95134
SECOND TAKE PROFIT:
0.95055
I forget to put that level in my analysis.