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Futures Swing Slightly Higher, No Cash Trading In Asia Today

US TSYS

TYM4 has pared initial weakness to be trading at 108-10, -0-01+ from NY closing levels. However, it remains below Thursday’s intra-session high.

  • There has been no cash trading in Asia today with Japan out for observance of the Constitution Memorial Day holiday.
  • After shrugging yesterday’s higher-than-expected Unit Labor Costs and slightly lower than expected Initial Jobless Claims, the market’s focus has now turned to Non-Farm Payrolls later today.
  • Bloomberg consensus sees nonfarm payrolls growth of 241k in April after another strong 303k in March. Private payrolls are seen increasing 190k, implying government job creation is at its softest since Nov but still almost more than two and a half times the average pace seen in 2019.
  • AHE growth is seen settling in at 0.3% M/M pace again although a few analysts caution potential downside risks from calendar effects.
  • See MNI US Payrolls Preview: Fed Sensitive To An Unexpected, Meaningful Weakening here.
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