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3 Apr 2013
Forex Flash: Today's market focus on US data- BBH
FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that today´s market action will be focus on US jobs data, including the ADP report and ISM Manufacturing.
They write, “March ADP jobs is expected at +200k vs. +198k in February. The employment component in the otherwise disappointing ISM manufacturing report rose to 54.2 from 52.6 in February, and was the highest since June 2012. “ They feel that market consensus is hovering around +199k for nonfarm payrolls vs. +236k in February. Additionally, they add that ISM non-manufacturing report also due out, expected at 55.5 vs. 56.0 in February. They write, “Overall, we continue to look for a modestly improving economic backdrop in the US that may allow the Fed to taper off its bond purchases late in the year. For now, however, it’s steady as she goes for QE.”
They write, “March ADP jobs is expected at +200k vs. +198k in February. The employment component in the otherwise disappointing ISM manufacturing report rose to 54.2 from 52.6 in February, and was the highest since June 2012. “ They feel that market consensus is hovering around +199k for nonfarm payrolls vs. +236k in February. Additionally, they add that ISM non-manufacturing report also due out, expected at 55.5 vs. 56.0 in February. They write, “Overall, we continue to look for a modestly improving economic backdrop in the US that may allow the Fed to taper off its bond purchases late in the year. For now, however, it’s steady as she goes for QE.”