Asia Market Movers: US jobs stall, payrolls revised lower; inflation sticky, Fed eyes cautious rate cut

Friday, 12 Sep, 2025 Central Banks US jobs stall, payrolls revised lower; inflation sticky, Fed eyes cautious rate cut Westpac have a detailed note out with what the US Federal Reserve's Federal Open Market Committee (FOMC) is facing at next week's meeting. It's a complex picture, I've tried to summarise: US labour m Forex US, Japan reaffirm FX commitments; Kato cites significance after US tariff order The US and Japan finance ministers reaffirmed their G7 commitments on currency polic y, stressing exchange rates should remain market-driven, with intervention limited to disorderly markets and operat Learn more Central Banks PBOC is expected to set the USD/CNY reference rate at 7.1081 – Reuters estimate People's Bank of China USD/CNY reference rate is due around 0115 GMT. The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as Forex Japan and the US have reaffirmed their agreement not to manipulate FX rates. Yeah, right. The US and Japan finance ministers reaffirmed their G7 commitments on currency policy, stressing exchange rates should remain market-driven. They pledged to avoid manipulation, limit intervention to d Stock market update ExGoldman Sachs CEO Blankfein warns of looming crisis, but stays "100% in" on equities Ex-Goldman CEO Lloyd Blankfein warned the U.S. is "due" for another crisis, pointing to hidden risks in credit markets such as narrow spreads and leveraged private credit. Still, he remains bullish, c News Bessent will meet with Chinese officials, in Madrid next week Bessent to travel to Spain, UK from September 12–18 on trip that includes government, private sector meetings in London Bessent, China's He to discuss key US-China national security, economic and trad News China is not happy with the super-high tariffs Mexico has placed on it now China commerce ministry: Planned Mexican tariffs on China to seriously affect Mexico's business environment Reduce confidence of enterprises in investing in Mexico China to take "necessary measures" t Forex Morgan Stanley: Pound liquidity thinner than thought, more like franc or kiwi Morgan Stanley says the British pound is more vulnerable to large capital flows than investors often assume, behaving more like smaller, less liquid currencies such as the Swiss franc or New Zealand d Learn more News New Zealand card retail sales +0.7% m/m in August (prior +0.2%) New Zealand card retail sales +0.7% m/m in August prior +0.2% +0.9% y/y prior +1.7% NZD/USD is not doing a lot, maybe a tic or so lower. It rallied hard after the US CPI data locked in a September Fe

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