[ad_1]
"We expect the payroll to return to 150,000 in January after the leap forward of 312,000 in December," said TD Securities badysts.
Key quotes
"In fact, we expect some of last month's unexpected job gains to be in January, including a slowdown in the manufacturing sector after three consecutive months of strong wage gains, and as surveys say. the Fed, which suggests some weakness in manufacturing employment, and employment in the retail sector could also come back after a strong wave of hiring over the holiday season ( November December). "
"This payroll publication is particularly difficult for FX given the impact of the government shutdown, so we are inclined to believe that some of the shock value badociated with a bearish surprise will be partially examined. With regard to an FX reaction, we are inclined to give more weight to the ISM publication later in the day, which is a better barometer of the concern that the Fed has recently adopted. "
"The dynamic pivot of the Fed suggests that the USDJPY will be the currency pair to watch while the G10 has quickly moved towards a race to the bottom." Indeed, the outlook for the euro remains uncertain in the short With the Fed's policy anchored for some time, sales pick up The position is appropriate for the USDJPY and we expect that 109.15 will represent an intermediate resistance followed by a very thick barrier of 110. 107.70 / 108.70 are essential pivots to the decline. "
Source link
