The week ends with the release of the awaited non-farm payrolls report from the United States, due at 12:30 GMT. Expectations refer that the change in non farm payrolls will reach 185,000 from the previous 216,000 while unemployment will linger at 8.8%. Another downbeat report after the drop in ADP employment change is predicted to push the pair further to the downside, targeting new record low for the dollar versus the swissy.
Earlier this week, US data showed that the private sector added 179,000 jobs in April from 201,000 in March, while yesterday initial jobless claims showed an unexpected rise in the number of people seeking jobless benefits to 474,000 compared with the revised 431,000 a week before.
Markets are waiting for the jobs report to get evidence about the status of the United States labor market, especially after the drop in annualized GDP data for the first quarter at the time that the Fed pledged to keep loose monetary policy to boost growth.
If the data showed deterioration, the dollar will probably continue its downside trend amid the improvement in the Swiss economy and expectations of tightening monetary policy this year by the SNB.
The Swiss economy will release unemployment rate for April at 05:45 GMT, where it is predicted to retreat to 3.3% from the previous 3.4%, while the seasonally adjusted reading will also decline to 3.2% from 3.3%.
Originally posted here
Read more about forex technical analysis, forex fundamental analysis and forex news on ForexMansion.com
About ForexMansion.com:
www.ForexMansion.com is a part of the Finance Mansion Network which operates global financial websites. Our goal is to provide our readers with the most accurate, quality and up-to-date technical analysis, fundamental analysis and news in order to assist them in making the right financial decisions.
The Finance Mansion Network includes www.FinanceMansion.com,www.ForexMansion.com, www.StocksMansion.com, www.CommoditiesMansion and many more.
