GBP/USD flows: Decent US data again
JOLTS data firm again, still a resilient US story
US job opening another upside surprise coming in at 7.618mn (mkt 6.8mn), the highest since May24 and lifting the 3-month average increase to 124k, its highest since November 2022. Continues to push a message of relative US resilience. Other details more measured, the drop in quits attests to a lack of worker confidence for instance, but still overall a resilient message.
Recent US data has been offering a touch of dollar support through the Iran noise even if the latter is dominating. Friday’s payrolls will give an important test of the extent of leadership coming from the macro side, though we are looking for a relatively consensus, solid number rather than anything standout.
Nothing remarkable from BoE’s Bailey as yet meanwhile - noting that have to give public confidence in the 2% inflation target, though framing it more as ‘we have to focus more on how we manage the path back to target…’.