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Trading the US Non-Farm Payrolls

Asian shares dipped on Friday, in anticipation of key U.S. employment data later in the session that was expected to advance the case for a Federal Reserve interest rate hike as early as next month.

U.S. Nonfarm Payroll report measures the change in the number of newly employed people in the country, excluding workers in the farming industry. A reading which is higher than the market forecast is bullish for the dollar.

Economists had expected the data to show that U.S. employers added 180,000 jobs in October, above September's increase of 142,000 jobs. In fact, new U.S. applications for jobless benefits last week recorded their biggest increase in eight months, but remained above the threshold associated with a healthy labor market.

Economists Disagree

Economists among the officials of the central bank disagree. According to Jennifer Vail, head of fixed-income research at U.S. Bank Wealth Management in Portland, Oregon, "We're a little below consensus."

Vail said that , "…it looks as if as long as we hit a 150-number, the Fed will think it's consistent with labor tightening," she said, adding that U.S. yields and futures were increasingly showing expectations for a December hike.

Federal Reserve Chair Yellen and New York Fed President William Dudley repeated this week that the U.S. was ready for higher interest rates if and when economic data justified them.

Cina Coren
About Cina Coren
Cina Coren is a former Wall Street broker and financial advisor. She holds a Master's degree in Communications and spent many years writing for international news outlets and journalistic publications. Today, Cina spends most of her time writing internet articles and blogs, and reading various newspapers to stay on top of the news.

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