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2 Aug 2013
Flash: Today's NFP, potential for most closely-watched data in 2013 - HSBC
FXstreet.com (Barcelona) - Since there is plenty of speculation about the 'taper' occurring in September, especially after the U.S. supportive data from this week, HSBC FX Team notes the June employment report has the potential to be the most closely-watched data release of 2013.
Key Quotes
"We estimate that June non-farm payrolls rose by 165K slightly below the market median expectations for a 185K print. Most labour market indicators point to ongoing employment growth across private sector industries."
"The unemployment rate has been close to unchanged for the past four months. The labour force participation rate has been on a downward trend for several years, but has shown some tentative signs of stabilisation in recent months."
"The market expects the unemployment rate to dip down to 7.5% from 7.6% previously. If this comes in line with expectations it may be enough for the markets to price in tapering at the next Fed meeting and this should be USD supportive"
Key Quotes
"We estimate that June non-farm payrolls rose by 165K slightly below the market median expectations for a 185K print. Most labour market indicators point to ongoing employment growth across private sector industries."
"The unemployment rate has been close to unchanged for the past four months. The labour force participation rate has been on a downward trend for several years, but has shown some tentative signs of stabilisation in recent months."
"The market expects the unemployment rate to dip down to 7.5% from 7.6% previously. If this comes in line with expectations it may be enough for the markets to price in tapering at the next Fed meeting and this should be USD supportive"