N.Y. FX Outlook
N.Y. FX Outlook: Sterling of course, was the story overnight, as thin liquidity and algorithms took cable briefly to a low under 1.1400 during Sydney morning trade. The catalyst was presumably comments from French PM Hollande, who said the U.K. can't have the advantages without the obligations with regards to Brexit. Elsewhere, the market hunkered down into the September employment report. Analysts expect non-farm payrolls will increase by 170k, versus the prior 151k outcome, while the unemployment rate remains steady at 4.9%. Key for the Fed will be hourly earnings, which analysts forecast will rise 0.2%. Anything more than that will likely up the odds for a December rate hike, if not November too, though the latter is still an outside chance. The August wholesale report is also on deck, where inventories are seen slipping 0.1% from the previous unchanged reading, and sales are expected flat versus the -0.4% print in July.