As market volatility ramps up after a large sell-off in equities yesterday, participants will eagerly await the latest snapshot of the US labour market. Non-farm payroll data will be released at 13.30 today and should provide an extra dose of volatility as traders and dealers see out the final trading day of the week.
The consensus is for a 200K increase in jobs in February. The Fed will be keeping a very close watch on this print given recent speculation over future rate increases in the US. A figure around this forecast or above should offer a solid reason for a more aggressive policy given the 500K increase in January. The result of this would likely be a strong bid into the US dollar as the interest rate attractiveness rises.
Have a great weekend.
Written by Viv Savani. 9:50am, March 10th 2023
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