Back
22 Oct 2013
Flash: Looking for an upside surprise in NFP - Westpac
FXstreet.com (Barcelona) - Traders will pay special attention to US Sep employment report today, even after an 18 day delay, notes Sean Callow, FX Strategist at Westpac.
Key Quotes
"Since the survey was conducted mid-Sep, it won’t be impacted by the measurement issues that seem likely to damage the Oct report (8 Nov). The median forecast is 180K after 169K in Aug (which also saw downward revisions)."
"Unusually, Westpac looks for an upside surprise, 192K, with jobless claims low and the business services sector looking set for a statistical bounce. Our forecast for the separately surveyed unemployment rate is in line with consensus, steady at 7.3%."
"USD seems likely to fall further on another weak number than it would rise on a strong headline, given the expected hit to data from Oct onwards from the government shutdown. "
Key Quotes
"Since the survey was conducted mid-Sep, it won’t be impacted by the measurement issues that seem likely to damage the Oct report (8 Nov). The median forecast is 180K after 169K in Aug (which also saw downward revisions)."
"Unusually, Westpac looks for an upside surprise, 192K, with jobless claims low and the business services sector looking set for a statistical bounce. Our forecast for the separately surveyed unemployment rate is in line with consensus, steady at 7.3%."
"USD seems likely to fall further on another weak number than it would rise on a strong headline, given the expected hit to data from Oct onwards from the government shutdown. "