EU CONSUMER CYCLICALS: Kering: Valentino put pushed to 2028

• UK jobs data came in broadly inline with expectations however, looking through the headlines may suggest more limited space with which the BoE can ease policy into year-end, largely due to the decelerating pace of job losses and a surprisingly sticky unemployment rate for the June release.
• GBP has improved as a result, and is firmer against all others in G10. GBP/USD is testing yesterday's 1.3477 high for direction and clearance here would mark the highest rate since late July - marking a resumption of the bounce off early August's pullback low. The next notable upside level is the 1.3502 50-dma, a level that could prove consequential into Thursday's prelim Q2 GDP numbers.
• US CPI is the focus going forward, with markets expecting both Y/Y and Y/Y core to inch higher by 0.1ppts apiece. Despite firmer inflation, the numbers are not expected to deter the FOMC from trimming the policy rate at the September FOMC meeting - but a much firmer reading today could limit the scope for further cuts into year-end.
• AUD is softer on the RBA rate decision. AUD/USD has extended losses on the break back below the 50-dma, with 0.6468 the next level of note. The Bank cut rates by 25bps to 3.60%, and signaling strongly that further easing would follow. EUR/AUD has snapped yesterday's weakness as a result, making layered resistance at 1.7945 the focus.
• Central bank speakers today include Fed's Barkin and Schmid. 

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