Non-Farm Payroll Release Highlights Today’s Trade

Market Reviews

As is turned out, trade tension between the US and China hasn’t cooled down yet, as Donald Trump declared he wanted to triple down on the tariffs on Chinese goods. The President ordered the Trade Representative to consider additional tariffs of 100 billion dollars, that would add to the list of 1300 products lines worth 50 billion dollars. Trump also claimed that China’s retaliation measures were unfair. He said they: “harm our farmers and manufacturers” and ordered the Secretary of Agriculture to “implement a plan to protect our farmers and agricultural interests”.

Markets shrugged off Trump’s announcement. Swiss Franc rose to trade as the firmest. Nikkei is almost unchanged. Hong Kong HSI lifted 1.26%. Gold is slightly under 1330 and the sideway trading is progressing. Today’s biggest event is the release of Non-Farm Payroll. The data is expected to mark a growth of 189 thousand in March, less than February’s 313 thousand. Jobless rate is projected to decline to 4.0%. Average hourly earnings should rise 0.3% mom. ADP private sector jobs increased 241 thousand. ISM manufacturing employment reduced from 59.7 to 57.3. ISM non-manufacturing employment grew from 55.0 to 56.6. Conference board consumer confidence fell from 130.0 to 127.7.

Japanese overall household spending was up 0.1% yoy in February. Labor cash earnings increased 1.3% yoy in February. Today, Germany will release industrial production, Eurozone will present retail PMI, Swiss will feature foreign currency reserves, Canada will announce employment figures and Ivey PMI. The US will publish NFP.