US job openings fell more than expected in April, continuing to indicate a gradual slowdown in the US job market. USD weakness was minimal however going into Friday's job numbers, and perhaps markets are waiting for that number before weakening USD further.
We had the first TV debate between PM Sunak and Starmer last night. A snap YouGov poll gave Sunak the slight edge, with the PM coming out on top on tax and on immigration. However, Starmer led in likeability, the NHS and education. No impact on GBP.
*Daily move - against G10 rates at 7:30am, 05.06.24
** Indicative rates - interbank rates at 7:30am, 05.06.24
Quite a bit of data today, with the main market focus set to be the ADP payroll report, ISM services, and the Bank of Canada rate decision. The ADP payroll print may not have much of an impact if yesterday's reaction to the JOLTs report is anything to go by, so we look to the ISM services print at 3pm to give another gauge of how the US economy fared in May.
The Bank of Canada is widely expected to cut rates from 5% to 4.75% (83% chance), but more importantly seems unlikely to commit to another rate cut, possibly electing to be data dependent. GBPCAD is currently trading at the highest levels since September 2021.
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