Markets remain stable ahead of NFP release, USD trims gains
USD is pulling back slightly as markets are waiting for the release of the US labour market data for December. Equity futures are trading slightly higher while gold remains below $1,900 mark.
While the recent ADP report has boosted chance for today's NFP release to deliver a negative surprise, markets should continue to play out a 'Blue Wave'. Median estimate points to a 50k increase, following 245k jobs addition in November. ADP report pointed to a surprising 123k decline while services ISM employment subindex dropped below 50. However, it should be noted that the economic relief package was passed by the end of December and it should have a major impact on the labour market. NFP data is compiled in the first half of the month. Negative reading could intensify talks over the next fiscal stimulus package.
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