Jobs and Japan
Rising jobless claims and higher layoffs in the USD are drivers for a fall in bond yields overnight says NAB’s Gavin Friend, as markets prepare for non-farm payrolls. Plus Kuroda’s last BoJ meeting.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Friday 10th March 2023
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Markets are clearly preparing for a fall in payrolls numbers tonight, with bond yields falling markedly in the US and the dollar notably weaker. NAB’s Gavin Friend says markets have been influenced by the weekly jobless claims, which rose a little, and the Challenger jobs report, which showed a high number of layoffs in January and February. They clearly shrugged off the ADP umbers from a day earlier, which came in stronger than expected. Hopes of an end to rising inflation will have been helped by a negative PPI read from China. The Bank of Japan meets today, for the last time for Governor Kuroda. There’s been talk about a last-minute surprise, but could the surprise actually be no surprise at all.
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