FXStreet (Delhi) – Analysts at Deutsche Bank, expects that the US nonfarm payrolls data is going to be the most important economic print left before one of the most eagerly anticipated FOMC meetings in a decade which is due to release after 10 days from now.
Key Quotes
“There is a negative seasonal bias in the August report that if repeated again tomorrow could be the final nail in the coffin for a September hike. Forecast is 170k on payrolls versus 217k on the street.”
“In a prelude to Friday’s report, there was a fair degree of attention on yesterday’s ADP employment change reading, which while coming in slightly below expectations at 190k (vs. 200k expected), was sufficient enough to keep payrolls forecasts unchanged for the most past. July’s reading was revised down a touch (to 177k from 185k) while gains last month – with the exception of the energy industry – were said to be largely broad based.”
“The data saw 10y US Treasury yields nudge up 4bps to an intraday high of 2.197%, before paring all of that move following some weak July factory orders data (+0.4% mom vs. +0.9% expected), only to then move higher into the close again to finish up 3.2bps on the day at 2.185%.”
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