US: Market consensus for nonfarm payrolls lies at a respectable 173K - Rabobank

Jane Foley, Senior FX Strategist at Rabobank, suggests that if the market can tear itself away from its current fixation with politics, the release of the US October jobs report will get a look-in.

Key Quotes

“This week’s FOMC meeting left investors with the impression that barring any disaster on the data front the Fed is prepared to hike rates in December. The market consensus for nonfarm payrolls lies at a respectable 173K, with hourly earnings expected to edge up by 0.3% m/m.

Yesterday’s US September factory goods data slightly beat estimates while the final reading of the service ISM recorded a healthy rate of expansion. Durable goods data and initial unemployment claims, however, were disappointing.”