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REPEAT: US DATA PREVIEW: Dec nonfarm payrolls are....>

US DATA PREVIEW
US DATA PREVIEW: REPEAT: Dec nonfarm payrolls are expected to surge 190k,
returning the 2017 year average to its pre-storm level of 176k. Private payrolls
are expected to rise 185k, with an upside risk due to the ADP number.
- There is no clear risk to the payrolls forecast, as there were 6 overestimates
in past 10 years but 4 underestimates in past 6 years. 
- Unemployment should stay at the 17-year historic low of 4.1%, but there could
be a small surprise given the scheduled benchmark revisions to household survey
data.
- Average hourly earnings are expect to rise 0.3%, but base effects will keep
the year/year rate at +2.5%. Recent market attention to wage pressures suggest
even this small improvement could be positive for USD.

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