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All Eyes on U.S. Non-Farm Payrolls

Posted by WorldWideMarkets . on Jun 7, 2013 4:10:00 AM

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European Central Bank President Mario Draghi’s optimism has added to dollar weakness against the single currency while the U.S. currency has lost against the yen and appears to be going lower as investors capitulate to yen strength. But U.S. jobs data is now critical. Coming at 8.30 a.m EDT, the expectation is for 170,000 new jobs. But ADP on Wednesday was a disappointment and though not accurate with respect to non-farm payrolls it has added to trepidation about the government number. A little south of the expectation will weigh on the dollar as it supports the case for the Fed to remain on track with current stimulus measures or easing to stoke economic growth. But the spill over will be worse if it is a particularly poor growth number which may see emerging market currencies take a big hit.



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