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NFP to trend modestly lower to 145k in August – TD Securities

Previewing tomorrow’s Nonfarm Payrolls (NFP) report, “We expect payrolls to trend modestly lower to 145k in August, following the 164k print in the previous month,” said TD Securities analysts.

Key quotes

“A  decent payrolls print should help the USD consolidate/firm after sliding for much of the week following a weak ISM manufacturing report. That said, a firmer ISM services report helps to quell abject pessimism embedded in the bond market.”

“With the risk that payrolls prints firmer than expected, we focus in on USDJPY which is flirting with a tactical topside breakout. Comfortably clearing the 107.00/10 pivot will be key to secure a higher trading range broadly marked by 107/109 in the near-term. We think this range is probable to occur should payrolls confirm some of the positive tone from ADP and ISM services.”

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