U.S. strong labor market report for September came as a real surprise at the end of last week. The impact of strong Nonfarm Payrolls was balanced by other weaker components of the report. But, there is nothing to balance the impact of new Israeli-Palestinian war.
Nonfarm Payrolls came much higher than expected with 336,000 new job created in the U.S. economy compared to 177,000 expected. Markets were shocked with the first negative reaction that send debt yields further up, and the U.S. Dollar strengthening. When the dust settled investors understood that, the unemployment level remained at 3.