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Forex Flash: Market positioning for a stronger NFP reading - Westpac

By FXstreet.com,  September 06, 2012, 07:32:00 PM EDT

FXstreet.com (Barcelona) - Market positioning for US Aug non-farm payrolls is likely to be for a stronger reading than economists' consensus of 130K, given the better ADP survey and also the non-manufacturing ISM, says Sean Callow, currency strategist at Westpac. The bank forecast is gloomier, "looking for 80K after the surprisingly firm 163K in July. The market range is 70-185K."

According to Sean Callow, "we would need to see a reading above the top end of the range to cause serious doubts over Fed easing next week and even a strong payrolls headline might not impact Mr Bernanke's view, given that it is very likely that the separate unemployment measure will remain above 8% (range 8.1-8.4%, Westpac 8.4%)."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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