FXStreet (Delhi) – Analysts at ING, expects that the US non-farm payrolls data is unlikely to show any significant deviation from its previous print as suggested by the outcome of recent ADP employment data.
Key Quotes
“With the ADP survey the only remotely accurate US non-farm payrolls directional indicator, the latest release might suggest that there is unlikely to be any significant deviation of Friday’s payrolls from the 215K figure printed last month.”
“The ADP employment total rose by 190K, up from a downward revised 177K in July (previously 185K). That said, a 13K monthly difference looks insignificant relative to the noise in this series, and a more reasonable description of the figures would be to say that there is no strong directional steer from the ADP this month.”
“One interpretation of this would be that the August payrolls figures will be close to the 215K result in July. But that would be to ignore the scope for occasional but sizeable divergences in these two series.”
“A better interpretation would be that anything is still possible from Friday’s labour report figures, and scope for market surprises in both directions remains, though the probabilities of this coming from the payrolls figure looks smaller at this stage.”
(Market News Provided by FXstreet)