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4 Sep 2015
USD trading firm ahead of the NFP – BBH
FXStreet (Delhi) – Analysts at BBH, note that the US dollar is trading mostly firmer against the majors, ahead of the US jobs report which is likely to be the main event for today.
Key Quotes
“The ADP report does a good job of catching the important trends, but on a month-to-month basis can be wide of the mark. ADP showed a 190k increase in private sector jobs in August, slightly below the 200k consensus.”
“The August number is particularly problematic, especially given that this is the last jobs report before the FOMC meeting. The historical pattern is for August to disappoint on the initial release and subsequently be revised higher.”
“While the nonfarm payroll change is difficult to forecast, it has been amazingly stable. The 12-month average stands at 243k, the 24-month average at 236k, and the 36-month average at 222k. That is nearly 8 mln net new jobs created over the past three years.”
Key Quotes
“The ADP report does a good job of catching the important trends, but on a month-to-month basis can be wide of the mark. ADP showed a 190k increase in private sector jobs in August, slightly below the 200k consensus.”
“The August number is particularly problematic, especially given that this is the last jobs report before the FOMC meeting. The historical pattern is for August to disappoint on the initial release and subsequently be revised higher.”
“While the nonfarm payroll change is difficult to forecast, it has been amazingly stable. The 12-month average stands at 243k, the 24-month average at 236k, and the 36-month average at 222k. That is nearly 8 mln net new jobs created over the past three years.”