Markets were in a nervous place overnight, with political upheaval in South Korea and France. South Korea is no stranger to chaotic politics, and this is no exception. The President declared and then undeclared a ‘State of emergency’, causing mayhem and now the Parliament is looking to impeach the President. In France, the Macron appointed Government suffered a vote of no confidence, following some deceptive politics involved in passing the Budget. The Government will now collapse and there are calls for Macron to resign. This instability is reflected in politics across Europe, as they head into winter and energy prices surging. Markets in the US are focused on tonight’s Non-Farm Payroll number, which could be softer than expected, looking at the latest ADP and Challenger Jobs reports. The EUR inched higher to 1.0580, against the softer US Dollar, while the GBP pushed back to 1.2750.The weaker reserve allowed the NZD to gain some ground, rising back towards 0.5900, while the AUD held steady below 0.6450. Australian Trade data was better than expected, with exports jumping 3.6%, while imports were flat. Geo-Political events are dominating markets, while all eyes in the US, are on the Labour markets.
