Rabobank analysts suggest that today has some big numbers as in Germany we get industrial production which is seen at 0.1% MoM and -3.6% YoY, but after the surprise drop in factory orders yesterday, there are risks to the downside again.
Key Quotes
“In the US we get non-farm payrolls. The expectation this month is 183K with an unchanged unemployment rate of 3.6%. Average hourly earnings growth is seen 0.3% m/m and 3.0% y/y. This series is always important but most so at a time when there are lingering fears over a potential US recession (which we fully expect in H2 2020, although the labour market is a lagging indicator) and yet a market trend into year-end that keeps pushing yields higher.”
“We also get US wholesale inventories and trade, and Michigan consumer sentiment for December, which is seen slightly higher at 97.0.”
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