Market movers today
Today's main event is the US labour market report. We expect the NFP number to be 190,000, slightly below the consensus estimate, and we expect the unemployment rate to decline back below the 4% mark to land at 3.9%. 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.
In the Scandi area, we expect the Norwegian unemployment rate to rebound to 2.4% due to seasonality. We also get Norwegian housing market data and our Swedish housing market indicator is also due out this morning.
To read the entire report Please click on the pdf File Below: