US NFP and UK Services PMI amongst market movers today – Danske Bank

According to analysts at Danske Bank, today's main event is the US labour market report and they expect the NFP number to be 190,000, slightly below the consensus estimate, and expect expect the unemployment rate to decline back below the 4% mark to land at 3.9%.

Key Quotes

“We expect unchanged 0.2% m/m average hourly earnings from last time, below the 0.3% consensus estimate. None of the data is likely to change our expectation of another two rate hikes by the FOMC this year.”

“In the US, we also get US non-manufacturing. We expect a slightly lower reading than last time but still at a very high level in an historical context.”

“We do not expect the final PMIs in euroland to move the market, as we expect the final estimates to be close to the flash readings. At 11:00 CEST, retail sales data are due out.”

“We expect UK services to fall to 54.9 from 55.1, not far from consensus of 54.7.”