Daily digest market movers: Australian Dollar recovers after US data
- On the US front in October, job openings rose by 5% MoM to reach 7.74 million.
- Hiring activity remained stable at 5.3 million in October, and separations were largely unchanged at 5.3 million in October.
- Quits increased to 3.3 million in October, signaling a boost in voluntary job changes, while layoffs and discharges remained relatively stable at 1.6 million in October.
- The JOLTS report suggests that the labor market remains robust with ongoing challenges in finding qualified candidates.
- Bets on the Federal Reserve’s next interest rate decision this month, while largely dependent on incoming data, have raised the likelihood of a 25 bps cut.
- November Nonfarm Payrolls on Friday are the week’s highlight. The market expects 200K new hires after October’s hurricane-affected 12K and for the Unemployment Rate to rise to 4.2%.
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