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*** Jan NFP estimates gained........>

US DATA PREVIEW
US DATA PREVIEW: *** Jan NFP estimates gained slightly after Wed's ADP private
employ number came out much better than expected (+291k), Fri's employ ests'
climbed to +163k from +160k. Various dealer est's, opinions follow:
- Nomura: Above consensus, Nomura expects a rebound from last Dec's weak +145k
to +185k for Jan citing robust labor market data. "Labor market indicators for
consumers improved in both the Conference Board and University of Michigan
surveys."
- Morgan Stanley: Slightly below consensus, MS expects +155k jobs for Jan,
"(private +145k), the unemployment rate to tick down by 5bp, but remain at 3.5%
rounded, and average hourly earnings to increase by 0.3%M (3.1%Y vs 2.9%Y
prior). Negative benchmark revisions will soften the 12M trend in job gains."
- RBS Natwest: In line, RBS looks for +165k jobs gain and +155K for private.
"Sifting through the jobs data will take a little longer than usual as there
will be lots of revisions." 
- TD: Below consensus at +150k "but with relatively low conviction. We are
neutral relative to consensus on the unemployment rate and earnings.

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