Daily Market Commentary 6th October 2023

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Markets were steady overnight, ahead of the Non-Farm Payroll’s number, set to be released tonight. The US labour market is expected to cool and Non-Farm Payrolls are expected to add less than 170,000 jobs. The ADP Jobs Report showed cooling in the private sector, while the Challenger Jobs Report contradicted this, with less job cuts than expected. US Bond Yields drifted lower, as did the US Dollar, as inflationary fears also cooled. This allowed the EUR to push back to 1.0530, while the GBP headed back towards 1.2200.

Australian trade numbers showed continued strong export numbers, which was a boost to local markets and currency. The softer reserve also added impetus, with the AUD bouncing back to 0.6450, while the NZD reclaimed 0.5950. All eyes are on the US Labour market, employment and Non-Farm Payrolls.

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