US jobs numbers start today
No big data surprises yet, but a plethora of jobs data tonight plus the US Services ISM. US & UK yields pushed significantly higher. NAB’s Ken Crompton relates it to a JP Morgan forecast that terminal rate sin the UK could push up to seven percent.
NAB Morning Call · NAB - The Morning Call
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Thursday 6th July 2023
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It's been a quiet week so far, but that changes today with US Services ISM out later, along with the start of US jobs numbers, including the weekly jobless claims, the JOLTs job openings and the ADP employment release, ahead of tomorrow’s non-farm payrolls. Trepidation ahead of those releases might partially account for the sharp increase in 10 year Treasury yields, but NAB’s Ken Crompton says it’s also linked to forecasts from JP Morgan that UK rates will push as high as seven percent. 10-year Gilt yields also moved up accordingly.
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