Payrolls sparks bond reversal
Monday 7th August 2023
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Last week we did suggest there would be a response to Friday\u2019s US payrolls numbers come what may, and that was certainly the case. Softer numbers and downward revisions saw bond yields retrace their steps on last week\u2019s gains, as investors bet on less in the way of rate hikes. And yet, as NAB\u2019s Ray Attrill points out, wages growth remains sticky and that will be a concern to the Fed. Canada also saw softer employment data pushing the Canadian dollar down on Friday. The Aussie climbed, but still saw a hefty fall last week. We look at why. Meanwhile a slow start to today \u2013 time then to go back and listen to our weekend edition, if you haven\u2019t already.
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