Focus on last data release before the FED meeting

It’s US non-farm payrolls day, which always is a big event for the US dollar and even more important this time as it is the latest release before the FED meeting. The Federal Reserve is widely expected to raise interest rates in December as recent economic data have mostly been strong and supporting the case for a rate hike. Analysts are forecasting that 175,000 jobs were created in November up from 161,000 in October.

In the US, yesterday’s data release showed a slight increase in construction spending but less than market consensus, printing at +0.5% MoM against an expected +0.6%. Initial jobless claims were reported as rising 17k last week to 268k while finally total vehicles sales in November fell to an annualized rate of 17.8m, from 17.9m.

Mixed PMI data in Europe

Meanwhile, in Europe, the final manufacturing PMI’s for November showed there was no change to printing at 53.7. PMI out of Germany was revised down by 0.1pt to 54.3, whilst data from France increased by a 0.2; Italy rose to 52.2 against 51.3 expected and Spain rose to 54.5 against 53.7 expected. In the UK, PMI was a bit more disappointing after printing at 53.4 against a market expectation of 54.4. Finally, the last data released for Europe was the unemployment rate which came in at 9.8%.

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