US April’s Payrolls Seen at 200K - Rabobank
Piotr Matys, EM FX Strategist at Rabobank, suggests that today it is all about the US non-farm payrolls.
Key Quotes
“Despite
global headwinds, the underlying trend in the US labour market is
relatively strong, which should be reflected in April’s payrolls seen at
200k. The unemployment rate is expected to edge lower to 4.9% in April
from 5.0% in March.
Another encouraging signal would be a rise
in average hourly earnings seen at 2.4% y/y, from 2.3% y/y in March.
Following lower than anticipated ADP figures and higher initial claims
market expectations are likely to be lower than the surveys indicate.
That said, the markets may need to see a much stronger payrolls to start
pricing in a hike in June.”
