US PREVIEW: ICYMI- MNI US Payrolls Preview: Watch The Forest, Not Just The Trees
In case missed late yesterday, we've published our preview of the upcoming US Employment Report. Refer to the publication (link) for the following:
- Dispersion of analyst views across nonfarm paryolls growth, the unemployment rate and wage growth
- Pertinent detailed comments from analysts across the spectrum of views
- MNI analysis of a range of alternate labor indicators
- A dovish build-up to the release after last week's soft labor updates and Hassett comments
In addition to the usual areas covered in the preview, this month we also discuss:
- Annual benchmark revision estimates
- A new birth/death model
- Seasonality and seasonal factor revisions covering the past five years of data
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AUSSIE 3-YEAR TECHS: (H6) Recovery Mode
- RES 3: 97.796 - 1.618 proj of the Sep 3 - 12 - 15 price swing
- RES 2: 96.780 - High Jun 26 (cont)
- RES 1: 96.700 - High Sep 12
- PRICE: 95.890 @ 16:40 GMT Jan 9
- SUP 1: 95.740 - Low Dec 22
- SUP 2: 95.480 - Low 1st Nov ‘23
- SUP 3: 94.932 - 1.0% 10-dma envelope
Prices bounced again Thursday, supported by strength in global bond markets and a smoother inflation picture at the December CPI print. As such, prices edged further away from recent lows. Nonetheless, slower pricing for additional RBA easing - and partial pricing for a return to rate hikes in 2026 - should keep the front-end of the curve under pressure. This keeps prices well below prior resistance at 96.615, the Sep 12 high, and refocuses attention on 95.480 as the next major support.
MNI: MNI TEST 02, Please Ignore
Test Test TEST
MNI: MNI Test, Please Ignore
Test, ignore
