A slide in job openings and a modest increase in ADP nonfarm payrolls (Wed) could show early signs of wear in the US labor market.
On Thursday, jobless claims, unit labor costs, and nonfarm productivity numbers also need consideration.
However, the US Jobs Report will be the focal point. Softer wage growth and looser labor market conditions could raise bets on an H1 2024 Fed rate cut. Deteriorating labor market conditions and a slump in consumer confidence would signal a sharp pullback in consumer spending. A pullback in spending would ease demand-driven inflation and affect the economy.
The EUR
On Monday, the German economy will be in the spotlight. Trade data for October will reveal any shift in global trade terms. A fall in exports would support expectations of a prolonged German recession and affect the appetite for the EUR/USD.
On Tuesday, service sector PMIs need investor…
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