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Forex Flash: US labour data in focus - BTMU

FXstreet.com (Barcelona) - Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that the key US data today will of course by the labour market data.

He notes that first up is that ADP report today and the consensus forecast is for a marginal increase from 198k in February to 200k in March. He writes, “This is similar to the 205k consensus for private payrolls in Friday’s NFP report. The readings have been similar on average with the 3mth and 6mth ADP average 207k and 192k respectively while the NFP levels have been 203k and 200k respectively. There is no evidence to suggest any notable change in recent trends in employment growth in the US. Around consensus in the ADP today would be neutral for the US dollar.”

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