USD gains ahead of NFP data
US dollar trades higher ahead of February’s jobs data release
USD is gaining against most major peers on Friday, following a spike in Treasury yields. US index futures trade mixed with US500 gaining and US100 trading slightly lower.
US non-farm payrolls report for February is looming large (1:30 pm GMT). Market consensus points to a 182k increase in the US employment but investors should keep in mind that ADP data signalled an increase of just 117k. Unemployment rate is expected to remain unchanged at 6.3%. While it is key release of the day, jobs data may be overlooked by the markets, especially if it disappoints. Weak reading could give Fed’s message more credibility and could help halt bond sell-off. Having said that, bad data may be treated as good data.