Keep your eyes on US ADP employment and ISM data – Nomura

FXStreet (Delhi) – Research Team at Nomura, suggests that the US ADP employment data and ISM non-manufacturing data will be the key economic releases for the day.

Key Quotes

“ADP employment: In line with our forecast for BLS private nonfarm payrolls, we forecast that ADP private employment gained an additional 180k jobs in January (Consensus: 193k).

ISM non-manufacturing: Although the ISM non-manufacturing index declined in December, the details of the report still pointed to steady activity in the non-manufacturing sector that month. It continued to tell a story of a two-tier economy—one in which the manufacturing sector continues to struggle, and the service sector and labor markets remain more resilient. We expect the headline index to remain firmly in expansion territory at 56.0 in January (Consensus: 55.1).”