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The US was expected to report a gain of 185K positions in April after 196K in March (before revisions). Wages were forecast to advance by 0.3% MoM and 3.3%, an acceleration in comparison to 3.2% beforehand.  

Early indicators were mixed, with the ADP NFP pointing to substantial gains. The private sector report showed an increase of 275K positions in the previous month. However, the employment component of the forward-looking ISM Manufacturing PMI showed a marked slowdown in hiring.

The US Dollar continued advancing ahead of the release, underpinned by the hawkish Fed decision. Fed Chair Jerome Powell dismissed falling inflation as “transitory” and salary data serve as a test to his theory.

Preview:  NFP leading indicators: Balanced picture ahead of April’s US jobs report