Equity markets stabilised overnight, following the concerns over over-valuation, particularly pertaining to AI shares. US labour markets look to remain solid, following the release of the ADP Jobs report, showing private sectors jobs remain strong. The US Dollar remained well bid, with the EUR trading 1.1470, while the GBP held above 1.3000.NZ labour market numbers, released yesterday, showing rising unemployment. Unemployment pushed up to 5.3%, reflecting the tough economic conditions, currently underwhelming FX markets. The NZD slumped below 0.5650, following the data release, while the AUD looked to recover 0.6500. Punters will be looking for further confirmation of strength in the US labour markets.
