Top of the Morning: July Jobs Report, FOMC, & the week ahead
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As we close out another trading week, Brian shares his thoughts on the latest jobs report, along with the health of the US labor market. We also spend time reflecting on this week’s FOMC meeting, and what the outcome suggests about prospects for a rate cut at the upcoming Septemb
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The latest U.S. employment data suggests a continuing softening in the labor market, with November seeing a job addition of 227,000 versus a consensus of 220,000, but a rise in the unemployment rate to 4.2% indicates potential challenges ahead. Per the full note from UBS, the three-month average for job growth has improved to 173,000 from a low of 123,000 last month, but the overall trend seems to point towards moderation. As the Fed assesses this labor market backdrop while preparing for 2025, traders should be mindful of potential impacts on currency movements, especially in key pairs like USD/EUR.