Dollar is currently trading as the second strongest one for the week, as markets await job data from the US. Non-farm payroll report is expected to show 156k job growth in January. Unemployment rate is expected to be unchanged at 3.50%. Average hourly earnings are expected to grew 0.3% mom.
Looking at other job data, ADP private jobs posted a strong upside surprise with 291k growth. That’s the highest figure in nearly five years. ISM manufacturing employment improved to 46.6 but stayed in contraction region. ISM non-manufacturing employment dropped from 54.8 to 53.1. Four-week moving average of initial jobless claims dropped from 224k to 214.5k.
Overall, other job data suggested that it could be easy to beat the 156k NFP expectation. Yet, there is no hints of an overwhelming surprise. Meanwhile, wage growth could disappoint again.
Here are some previews:
