28/01/2024
cuts into April would likely come at the end of February, although another source said the decision's timing was not yet clear. Meanwhile, a Russian delegate stated there is no evidence that additional steps are needed.US Jobs Report (Fri)The consensus expects 162k nonfarm payrolls to be added to the US economy in January (range 140-285k), with the unemployment rate projected to be unchanged at 3.7%. Average hourly earnings are seen rising +0.3% M/M, slightly cooler than the +0.4% registered in December, while average workweek hours are seen ticking higher to 34.4hrs from 34.3. Analysts also point out that the January jobs data will incorporate final benchmark revisions; Investec said that the prelim estimate suggested that the level of payrolls in March 2023 will be revised 306k lower, but argues that this tells us little about recent trends, and updated seasonal factors may have an impact. NOTE: Ahead of the January employment report, the December Job Openings and Labor Turnover Survey will be released on Tuesday; Moody's said that the labour market came slowly into better balance throughout 2023, and it expects the JOLTS data to show job openings falling modestly from the 8.79mln printed in November. And on Wednesday, the Q4 employment cost data will be released, which analysts will look to to determine if the moderation in pay growth continued in the final quarter of the year; Moody's looks for a slight deceleration from Q3's 1.1% pace.This article originally appeared on Newsquawk (https://newsquawk.com/daily/article/?id=3394-week-ahead-29th-january-2nd-february-2024-highlights-include-fomc-nfp-ism-mfg-pmi-boe-ez-cpi-and-ez-gdp&utm_source=forexlive&utm_medium=research&utm_campaign=partner-post&utm_content=week-ahead).
This article was written by Newsquawk Analysis at www.forexlive.com.
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