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3 Jun 2015
Will the US ADP employment result bode well for the Dollar? – RBS
FXStreet (Barcelona) - Brian Daingerfield, FX Trading Strategist at RBS, previews the key data releases ahead in the US – ADP employment, non-manufacturing ISM and the NFP.
Key Quotes
“The non-manufacturing ISM is due in the US along with ADP employment. A recent upswing in US indicators, including the rise in the employment subindex of ISM manufacturing and the still-low trend of initial jobless claims, has likely boosted expectations for a solid employment report for May. Our house view is for an above-consensus 245K rise in May NFP. With the USD suddenly on the back foot amid European developments, a disappointment in the ADP employment estimate could put pressure to USD-longs.”
Key Quotes
“The non-manufacturing ISM is due in the US along with ADP employment. A recent upswing in US indicators, including the rise in the employment subindex of ISM manufacturing and the still-low trend of initial jobless claims, has likely boosted expectations for a solid employment report for May. Our house view is for an above-consensus 245K rise in May NFP. With the USD suddenly on the back foot amid European developments, a disappointment in the ADP employment estimate could put pressure to USD-longs.”