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Flash: All eyes on Friday´s Jobs report - DBS Group

FXstreet.com (Barcelona) - DBS Group analysts believe that all eyes will be on Friday’s (June 10) US jobs report to set the tone for the US dollar in June.

They note that consensus expects the both nonfarm payrolls and the unemployment to stay unchanged in May, at 165K and 7.5% respectively. Additionally, US stock markets and the US dollar have retreated in the past week on volatile US bond markets worried that the Fed may taper asset purchases sooner than later.

They note that at the last FOMC meeting on May 1, the Fed inserted a new line, “to increase or reduce the pace of its purchases” into its FOMC statement. They write, “The Fed’s Beige Book on June 6 should shed more insight on whether more Fed officials favor decreasing on improving labor markets or increasing asset purchases on disappointingly low inflation. The next FOMC meeting is scheduled for June 19 which will be followed by a press conference by Fed Chairman Ben Bernanke.”

Germany: PMI Manufacturing up to 49.4 in May

German PMI Manufacturing rose to 49.4 points in May, from 48.1 points in April, according to data released today by Markit. The result is above market consensus of 49 points.
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