NFP Preview: Dollar could come off 1% on a big dip in the headline number – ING
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Today’s Nonfarm Payrolls release could weaken the US Dollar if we see a big dip in the headline number, economists at ING report.
“The consensus is around +200K, with most estimates in the +100-300K range. Such an outcome looks unlikely to unwind the new-found hawkishness demonstrated this week by Fed Chair Jerome Powell. But a big dip in the headline number and any big backward revisions lower – especially were the wage data benign – could see the Dollar come off 1%.”
“Given the stress in financials, we would probably prefer to be overweight Swiss Franc and Japanese Yen (despite the Bank of Japan not adjusting policy overnight) and slightly underweight the Dollar heading into the NFP release.”
“DXY could head back towards where it started the week at 104.10/20.”
See – NFP Preview: Forecasts from 10 major banks, many new jobs created
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