The much anticipated payrolls day, expected to provide at least some more clarity on future Fed policy, has arrived and heading into today’s report both price action and newsflow has been muted. U. S. equity index futures were fractionally higher, as European stocks rise 0.6% while Asia was flat. Gold fell as the dollar rose, while comments by Vladimir Putin which endorsed an OPEC oil production freeze while granting Iran an exemption, have pushed oil higher.
Federal Reserve Vice Chairman Stanley Fischer said this week that upcoming economic reports would determine the trajectory of interest-rate increases, having previously highlighted Friday’s payrolls update as being of importance. Odds of a rate increase at the Fed’s September meeting have swung between 34 percent and 36 percent this week amid conflicting data showing an improving jobs market and an unexpected contraction in manufacturing.
This post was published at Zero Hedge on Sep 2, 2016.