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5 Dec 2014
USD may struggle even on upbeat US NFP - Westpac
FXStreet (Bali) - As Sean Callow, FX Strategist at Westpac, notes, even on a strong US NFP, we should be aware that the US dollar has struggled to rally even on good US data recently, adding that this could be the case again despite the overall positive outlook for USD.
Key Quotes
"Headline US non-farm payrolls have grown by 203-304k every month since Jan. Consensus is for a number well within this range, consistent with substantial strengthening in the job market. The median forecast on Bloomberg is 230k, the +/-1 standard deviation is 206-252k. The unemployment rate is expected to be steady at 5.8%, a low since July 2008. The US dollar has struggled to rally even on good US data recently so this could be the case again. Yet the multi-day/week outlook for USD remains positive."
Key Quotes
"Headline US non-farm payrolls have grown by 203-304k every month since Jan. Consensus is for a number well within this range, consistent with substantial strengthening in the job market. The median forecast on Bloomberg is 230k, the +/-1 standard deviation is 206-252k. The unemployment rate is expected to be steady at 5.8%, a low since July 2008. The US dollar has struggled to rally even on good US data recently so this could be the case again. Yet the multi-day/week outlook for USD remains positive."