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Final Jobs Report Ahead of Sep FOMC

FOREX
  • Nonfarm payrolls take focus going forward, with markets expecting a decent read of 725,000 jobs added. While this would be below last month's 943,000, the number remains highly elevated above pre-pandemic levels. The dispersion around the median estimate remains considerable, with a range of forecasts between 400k - 1mln, which could suggest a decent market response later today.
  • Ahead of the figure, Scandi FX trades weaker, but well within the recent range and AUD continues its recent spell of outperformance. AUD/USD now trades higher on the week by close to 2%, with the pair topping out at a new multi-month high. AUD strength continues to defy broader commodity markets, with Dalian-listed iron ore still nursing losses of over 10% from Monday's high after the China authorities' pledge to pressure prices.
  • Outside of the jobs release, the ISM Services Index also crosses. There are no central bank speakers of note.
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