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Analysts at ING suggest that following a strong US GDP print, the US data focus in the week ahead shifts to the October jobs report.

Key Quotes

“Our economists expect a strong employment rebound after a weather-depressed September reading caused by Hurricane Florence – and they had even hoped for an even stronger outcome than our 200,000 forecast for payrolls, but note that Hurricane Michael hit Florida the week of October payrolls data collection.”

“In terms of wages, we think the annual rate will move up to 3.2%, which would make the fastest rate of pay growth since April 2009, while the unemployment rate could drop to the lowest since December 1969. While markets are broadly expecting this – any strong US inflationary signs could give US Treasury yields another boost and see global risky assets take a hit. The USD would likely remain bid in this scenario.”