NFP Preview: Any softness in activity or price data would be Dollar bearish – ING
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Economists at ING analyze how today’s US April NFP data could impact the Dollar.
“Consensus expects a decent, but softer, 185k increase in the headline jobs data and average hourly earnings increasing at 0.3/4.2% month-on-month/year-on-year.”
“Any softness in activity or price data would be supportive of market pricing of the first Fed cut in September and would be Dollar bearish.”
“Conversely, any above-consensus price data would add to recent sticky inflation releases such as the first quarter Employment Cost Indicator. This would see a bearish flattening of the US yield curve and send the Dollar higher.”
See – US Nonfarm Payrolls Bank Preview: Smaller, but still positive change in employment
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