5 Jun 2015
Credit Agricole: US NFP might see a below consensus print – eFXnews
FXStreet (Barcelona) - The Credit Agricole Research Team forecasts US nonfarm payrolls to see a below consensus print at 210K, as noted by eFXnews.
Key Quotes
“The key event this week is today’s May NFP release. CACIB is below market consensus, expecting a 210k rise vs. market consensus of 225k. The standard deviation of forecasters is 25k so our outlook still sits above a one-standard deviation miss. Still, the recent tone of economic data supports an upbeat view on payrolls.”
“The ADP report showed the private sector added 201k jobs in May, adding conviction that the US labour market has gained steam in Q2. We also note that recently ADP has understated the NFP report, missing by roughly 20k a month over the past year. This suggests that employers should have at least added 200k jobs in May.”
“Initial jobless claims continues track near cyclical lows, providing further evidence of a solid NFP release for May.”
“The upshot is that we think a solid payrolls number should provide fresh tailwinds to the greenback in spite of the recent pullback against the EUR.”
This content has been provided under specific arrangement with eFXnews.
Key Quotes
“The key event this week is today’s May NFP release. CACIB is below market consensus, expecting a 210k rise vs. market consensus of 225k. The standard deviation of forecasters is 25k so our outlook still sits above a one-standard deviation miss. Still, the recent tone of economic data supports an upbeat view on payrolls.”
“The ADP report showed the private sector added 201k jobs in May, adding conviction that the US labour market has gained steam in Q2. We also note that recently ADP has understated the NFP report, missing by roughly 20k a month over the past year. This suggests that employers should have at least added 200k jobs in May.”
“Initial jobless claims continues track near cyclical lows, providing further evidence of a solid NFP release for May.”
“The upshot is that we think a solid payrolls number should provide fresh tailwinds to the greenback in spite of the recent pullback against the EUR.”
This content has been provided under specific arrangement with eFXnews.