(Thursday market open) An eagerly awaited report on U.S. consumer inflation didn’t appear too frightening early Thursday, and major indexes initially appeared unhindered as the October rally rolled on.
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US payrolls take center stage today. 200k net job growth is expected. Average hourly earnings are seen easing from 0.5% M/M to 0.3% (4.4% Y/Y). The unemployment rate might rise marginally from 3.4% to 3.5%. Considering yesterd y’s market dynamics, the payrolls p obably have to be very strong for markets to reconsider a more hawkish Fed reaction function. Any softer details will only confirm yesterday’s trends. For the US 2-y yield, 4.28% is a first support. The 10-y yield is already testing the 4.64/60% support area (previous highs). Fortunes for the dollar changed too. EUR/USD regaining the 1.0727 area called off the downward alert, opening the prospect for a further technical rebound.
We are seen an explosion of fall colors and this year it's a bit better than prior years and of course, there's a scientific reason as to why it's better.
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