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Nonfarm Payrolls in focus, 280k on the cards? - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the US monthly employment figures will be released on Friday and said that she is expecting a reading close to 280K.

Key Quotes:

“Market expects unemployment rate to hold at 5.9%, and the economy to add 229K following 248K jobs added last month. But the expected number seems a bit conservative”.

“Over the last few weeks, weekly unemployment claims held below 300K, near levels last seen in 2000”.

“The 4 week average stands nearly 20% below a year ago, all of which suggest an upward surprise on the NFP headline, with labor market showing signs of improvement”.

“Quite unexpected the fact that market lowered expectations, as it has been the other way around for these last couple months”.

“Anyway, a reading above 250K with no downward revisions to previous numbers and a steady or better unemployment rate, should only boost dollar rally across the board".

"If the number disappoints but stands anyway around 200K, dollar may ease short term, but market will rather see it as a buying opportunity than the beginning of a bearish run”.

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