Some background fundamental inputs for the Aussie ahead of today's jobs data - ANZ

Ross J Burland FXStreet

Ahead of today's jobs data, analysts at TD Securities noted that Consumer sentiment picked up a little to 102.1 via a rebound in current conditions (+2.4 to 104.6) led by family finances.

Key Quotes:

"This was entirely due to income tax cuts (in the May budget) sinking in. The offset was economy in 5y, down -3 to 95. Maybe softer house prices are working its magic as well, with time to buy a house +5 to 105.7, after consecutive declines."

"The RBA Governor's speech on 'Productivity, Wages and Prosperity'provided little in terms of new leads. The Governor reaffirmed his positive outlook for the global and domestic economy, however he indicated that the prospect of an RBA rate hike is 'some time away' until wages growth picks up. We believe the RBA is looking for wages growth of 3%+ before pulling the rate hike trigger. The RBA acknowledged a tightening in credit conditions, but believes not a cause for concern."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

USD/JPY eyes August swing low, near 155.20 ahead of US NFP

USD/JPY retests the August monthly swing low during the Asian session on Friday as a more hawkish repricing of BoJ rate-hike bets and a suspected intervention continue to underpin the Japanese Yen. Meanwhile, the US Dollar is seen consolidating the previous day's heavy losses amid soft US bond yields, further weighing on the currency pair as traders keenly await the US NFP report.

AUD/USD consolidates above 0.7200; US NFP awaited

AUD/USD holds steady above 0.7200, near its highest level since mid-May, as bulls await the US NFP report for more cues on the Fed's policy path before placing fresh bets. Meanwhile, the recent decline in US bond yields keeps the US Dollar depressed near its lowest level in over a week and acts as a tailwind for the Aussie amid the RBA's hawkish tilt.

Gold bulls seem hesitant below $4,500 amid modest USD bounce ahead of US NFP

Gold remains on the defensive below the $4,500 mark through the Asian session, snapping a two-day winning streak amid a modest US Dollar uptick. The commodity, however, remains close to the weekly high, which it touched the previous day, as traders keenly await the release of the closely watched US monthly employment details. The popularly known US Nonfarm Payrolls (NFP) report will provide more cues about the Fed's policy path amid receding bets of a September rate hike.

Crypto’s $638 million buyback boom may not be as bullish as it looks

Decentralized Finance (DeFi) protocols reportedly spent $638 million to buy back their native tokens in August, up 17% from a year earlier. On the surface, the buyback trend suggests the cryptocurrency industry is maturing fast, adopting one of Wall Street’s oldest tools to bolster valuations and distribute revenue. The headline becomes less impressive once the number is opened up.

US August Nonfarm Payrolls expected to rebound to 56K after July slump

The US Bureau of Labor Statistics (BLS) is set to release the Nonfarm Payrolls (NFP) data for August. Investors expect NFP to rise by 56K in August following July’s unexpected print of -23K.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.