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3 Apr 2015
Calm Asia, US Non-farm payrolls – In spotlight
FXStreet (Mumbai) - A low-key affair in Asia, with markets in Australia and New Zealand closed for Easter holidays, while most G10 currencies remained absolutely lifeless ahead of the much anticipated US Non-farm payrolls data due for release later today.
Key headlines in Asia
USD/JPY to remain lifeless until US Non-Farm Payrolls - FXStreet
Japan: Service sector contracts for 2nd straight month in March
China HSBC Services PMI improves in March
Recent data feels like NFP could go either way - DB
Dominating themes in Asia - centered on JPY, AUD, NZD
A dry Asian calendar, with Japanese equities defending mild gains amid thin liquidity as markets remain cautious before the release of crucial US labor market report.
The US dollar remained muted against most of its major competitors following upbeat US economic data released in the US last session. The Antipodean currencies were seen consolidating previous gains while USD/JPY remains in a wait and see mode at the higher side of 119 barrier.
Heading into Europe - centered on EUR, GBP
There is nothing much to report in the European session as UK and major Euro markets remain closed in observance of Good Friday.
For EUR, GBP traders, the focus now shifts towards the North American session with all eyes on the ley US Non-Farm Payrolls report.
The highly anticipated report on US non-farm payrolls will be released later today at 12.30GMT, with forecasts pointing to 245,000 new jobs were added to the US economy in March, a modest slowdown from the gain of 295,000 a month before. The unemployment rate is expected to stay unchanged at 5.5%.
The jobs report in the US is one of the most important economic indicators to assess the health of the world's largest economy. Moreover, the data may hint more about when the Fed will start to raise its interest rates - a move that is most eagerly awaited by markets.
However, the markets seem rife with rumors that the release will be weaker than broadly expected.
Alan Ruskin, Macro strategist at Deutsche Bank, believes, “the few most recent BBG forecasts made on April 1st and 2nd, possibly after ADP, do not seem to have shifted softer, but in general monthly data forecasting shows inertia unless there are overwhelming reasons for change. Of 91 forecasts only 3 are below 200K even though the whisper number is likely nearer 225K."
More so, Capital Economics expects – “Our econometric model suggests that non-farm payroll employment increased by a slightly more modest 240,000 in March.”
Key headlines in Asia
USD/JPY to remain lifeless until US Non-Farm Payrolls - FXStreet
Japan: Service sector contracts for 2nd straight month in March
China HSBC Services PMI improves in March
Recent data feels like NFP could go either way - DB
Dominating themes in Asia - centered on JPY, AUD, NZD
A dry Asian calendar, with Japanese equities defending mild gains amid thin liquidity as markets remain cautious before the release of crucial US labor market report.
The US dollar remained muted against most of its major competitors following upbeat US economic data released in the US last session. The Antipodean currencies were seen consolidating previous gains while USD/JPY remains in a wait and see mode at the higher side of 119 barrier.
Heading into Europe - centered on EUR, GBP
There is nothing much to report in the European session as UK and major Euro markets remain closed in observance of Good Friday.
For EUR, GBP traders, the focus now shifts towards the North American session with all eyes on the ley US Non-Farm Payrolls report.
The highly anticipated report on US non-farm payrolls will be released later today at 12.30GMT, with forecasts pointing to 245,000 new jobs were added to the US economy in March, a modest slowdown from the gain of 295,000 a month before. The unemployment rate is expected to stay unchanged at 5.5%.
The jobs report in the US is one of the most important economic indicators to assess the health of the world's largest economy. Moreover, the data may hint more about when the Fed will start to raise its interest rates - a move that is most eagerly awaited by markets.
However, the markets seem rife with rumors that the release will be weaker than broadly expected.
Alan Ruskin, Macro strategist at Deutsche Bank, believes, “the few most recent BBG forecasts made on April 1st and 2nd, possibly after ADP, do not seem to have shifted softer, but in general monthly data forecasting shows inertia unless there are overwhelming reasons for change. Of 91 forecasts only 3 are below 200K even though the whisper number is likely nearer 225K."
More so, Capital Economics expects – “Our econometric model suggests that non-farm payroll employment increased by a slightly more modest 240,000 in March.”