Investors are worried about the Non-Farm Payroll data, amid speculation that the FFR +75Bps rises for the fourth time in a row. Wall Street was compactly lower, with the DJIA down nearly 350 points, as investors awaited the release of the Sept. US Change in Non-Farm Payroll data. Friday, projected at 255K (Vs. Aug. 315K). The labor market remains solid, leaving room for a +75Bps FFR increase in November, complementing the previous Hattricks in September, July and June. Investors also watch for the risk that US inflation remains high in the long term, as OPEC+’s decision to cut production by 2M Bpd, or the biggest cut since 2020, will indirectly affect US domestic fuel prices.
Cadev data closed the market over the weekend. Investors are looking forward to the Cadev Indonesia data, amid the relatively wide volatility of the Rupiah exchange rate or in the range of IDR15,150/USD – IDR15,300/USD a week. Although not directly, market players also anticipate the impact of cutting the production of OPEC+ crude oil producing countries by 2 million Bpd starting November 2022. Production cuts reduce global crude oil inventories, resulting in an increase in fuel prices which in turn adds to the burden of inflation. In the midst of a number of sentiments, NHKSI Research projects that the JCI today is still consolidating or moving sideways, with Support: 7,070-7,060 / 7,000 / 6,960 and Resistance: 7,090 / 7,130-7,135 / 7,150 / 7,200-7,225.
Download full report HERE.
