03/09/2026
US private hiring came in at 38,000 last month, the weakest since January. The market's odds on a Fed hike barely moved.
That is the tell. The hawkish case in front of the Fed this month does not rest on the labour market. It rests on Brent settling above $95 for the first time since late July, after US strikes around the Strait of Hormuz and Iranian retaliation against bases in Jordan, Bahrain and Kuwait.
So the front end holds two-thirds of a hike, the ten-year sits near a three-year high, and gold has bounced off a four-week low anyway. Rising nominal yields alongside a rising gold price is a debasement bid, not a rate bid.
The rand has taken the other side of it. USD/ZAR closed Wednesday near 16.05 and trades around 16.02 this morning, most of the Hormuz weekend recovered on external flow alone, with South African fuel prices raised sharply from 2 September and the SARB decision still a coin flip.
Today's claims and services numbers are the last read before Friday's payrolls.
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https://mercury.global/insights/daily-brief