Any below consensus April U.S. nonfarm payrolls may pressure dollar index further down toward 98.6, according to Fullerton Markets analysis.
- Most of earlier relevant economic indicators didn’t paint an optimistic picture of the payrolls data tonight; ISM manufacturing PMI employment index fell to 52 in April from 58.9 in previous month, service PMI index slightly dropped to 51.4 from 51.6
- ADP nonfarm payrolls added 177k jobs in April, versus 255k in March
- Consensus on nonfarm payrolls tonight is 185k; March payrolls increased 98k
- Below-than-expected payrolls number likely to dent the possibility of Fed’s rate hike in June, such outcome could be negative to the U.S. dollar against euro, yen if other conditions stay in quo
- Data due at 8.30pm, Singapore/HK time
Fullerton Markets Research Team
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