Dollar maintains a firm tone against European majors as focus is turning to US employment data today. Markets are expecting the non-farm payroll report to show 90k job growth in November, with unemployment rate unchanged at 7.9%. Looking at the leading indicators for NFP, the ADP employment growth dropped to 118k in November, down from prior 157k. Four week moving average of initial jobless claims jumped sharply from 355k to 408k. Employment component of ISM manufacturing index dipped into contraction area of 48.4, down from 52.1. That of ISM services dropped from 54.9 to 50.3, barely staying in expansion region. So, the overall picture suggested that the NFP number would be worse than October's 171k. The bigger question was indeed on whether October's number would be revised sharply downwards.
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