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Iranian military spokesman: We will take preemptive action wherever we feel threatened.September 4th - On Friday, after the release of U.S. August jobs data, stock index futures tracking the S&P 500 turned lower, as the data showed that the U.S. economy added more jobs in August than expected. The U.S. Labor Department reported that nonfarm payrolls increased by 162,000 in August, far exceeding economists expectations of 56,000. Dow Jones E-mini futures fell 152 points, or 0.28%; S&P 500 E-mini futures fell 17.25 points, or 0.22%; and Nasdaq 100 E-mini futures rose 20.75 points, or 0.07%.International oil prices fluctuated at low levels, with WTI crude oil falling by more than 1% and Brent crude oil falling by more than 1%. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.September 4th - US job growth in August exceeded expectations, while the unemployment rate remained unchanged, suggesting the US labor market may be stronger than previously thought. According to data released Friday by the US Bureau of Labor Statistics, non-farm payrolls increased by 162,000 in August, exceeding all economists expectations, based on upward revisions to the previous two months employment figures. The non-farm payroll growth was primarily driven by a rebound in employment in the leisure and hospitality industry and increases in government sector employment. Meanwhile, the construction and manufacturing sectors also recorded strong job growth. The unemployment rate remained at 4.1%. This report shows that the US labor market is withstanding the uncertainty brought about by the Iran war and inflationary pressures. Federal Reserve officials may see this report as evidence supporting a rate hike; however, the US CPI data to be released next week will be key to the Feds interest rate decision later this month.September 4th - Market analyst Chris Anstey: Wages are also rising, with hourly earnings revised upwards to 0.2% in July and up 0.3% month-on-month in August. Even so, the 3.1% year-on-year increase still lags behind the inflation rate. The CPI data to be released next week is expected to show a year-on-year increase of 3.4%.

The USD/JPY crosses the 135.00 mark as the DXY rises ahead of US inflation

Daniel Rogers

Aug 10, 2022 11:32

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The USD/JPY pair is climbing northward during the Asian session in an attempt to retake its two-week high at 135.58. The asset's price turned positive on Monday as a result of the abundance of bids that occurred near 134.50. The USD/JPY pair's two-day consolidated activity shows that market participants are anxiously awaiting the release of the US Consumer Price Index (CPI).

 

Investors expect a decrease in price pressures this time, thus the release of the US inflation report is crucial. The investment community is aware that the crisis between Russia and Ukraine sharply increased oil prices, which continued to be essential to pressures on global costs.

 

A more than 11% drop in oil prices in July contributed to the black gold's continued sluggishness and lowered inflation expectations. The market anticipates that the inflation rate will decrease from 9.1% to 8.7%. The core CPI, which does not include food and oil, is anticipated to increase to 6.1% from the previously announced 5.9%. It appears that the demand for durable goods is rapidly increasing again. The US dollar index (DXY) is currently aiming to surpass the 106.40 immediate barrier.

 

The yen bulls are circling Tokyo as a result of Japan's government reorganization. Finance Minister Shunichi Suzuki will probably remain in the cabinet after this week's reorganization by Japanese Prime Minister Fumio Kishida. All eyes will now be on the Japanese government's efforts to raise the labor cost index, which is essential for keeping inflation over 2%.


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