Market Update – 6th May 2016 – U.S Non-Farm Employment Due Tonight

  

Local retail sales and trade balance figures improved yesterday with both beating estimates while also being revised higher for the previous months figures. The data helped the Aussie marginally seeing it gain across the board. Other markets were flat with U.S and European equities barely moving while commodities also did very little – the only notable mover was Copper down 0.4%.

Ahead today is monetary policy minutes from the latest RBA meeting, while out of the U.S we’ll see the latest  batch of employment figures, namely Non-Farm Employment change. Expectations are for about 200,000 new jobs to have been created and the unemployment rate to remain steady at 5.00%. Preliminary ADP jobs numbers on Wednesday night were awful and well below expectations so you could suggest that tonight’s official non-farms figure could also show signs of weakness. A horrible number tonight or a number below 200,000 will be seen as a negative and may take a rate hike off the table for the U.S Federal Reserve – lets wait and see.

DATA RELEASES TODAY:

AUD – RBA Monetary Policy Statement at 11.30am

USD – Non-Farm Employment & Unemployment Rate at 10.30pm

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