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NFP report preview

Source FxWire Pro Friday, 6 Oct, 2017 11:44:55 GMT
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Today September NFP report is to be published at 12:30 GMT from the US.

What is NFP report?

  • NFP or non-farm payroll report is the monthly statistics on labour condition in the US released by US department of labour statistics. The report comprises goods, construction and manufacturing sector companies.
  • This report influences the financial markets deeply across asset class.

Key highlights –

  • The headline number for total hires last month was 165,000. September ADP employment number was discouraging at 135,000 after August’s encouraging 228,000.
  • Today payrolls are expected at 80,000.
  • The second most vital component is wage growth which as of now is showing healthy growth of 2.5 percent. Today expected at 2.5 percent y/y.
  • The labour force participation rate is showing no signs of rebound. It was at 62.9%, in the last report.
  • The unemployment rate is expected to remain same at 4.4 percent.
  • The underemployment rate is expected to improve further from current 8.6 percent.
  • Average weekly hours were previous 34.4; No major change is expected.

Impact –

  • The immediate impact is usually very volatile and today could be more as the market is already agitated by weak economic dockets coming out of the United States.
  • A strong report especially the headline number (above 170,000) and wage growth could lead to a recovery in the dollar which has already declined for 6 consecutive months.
  • Dollar selloffs could accelerate on a materially weak report of headline below 80,000. The dollar index is currently trading at 93.84, up 0.07 percent so far today.

 

Source: FxWire Pro - Commentary
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