What Are Traders Going To Be Looking For From NFP?

It seems that the US dollar has been plagued with a string of poor economic data in recent weeks. Within the last week, the market saw the Philly Fed, Richmond Fed, GDP, and today, Chicago PMI and Consumer Confidence all print at worse than expected levels. This shouldn’t come as a surprise as the US Fed has already stated that the economy has been slowing in expansion this year, lead by the housing market. Dollar bulls are desperately searching for positive data and this week’s NFP numbers may be their last breath of hope. Traders holding on to dollars are looking for both a better than expected figure (consensus is 125k) AND a revision from last month’s release (51K). Speculators remember last month’s upward employment revision which caused a USD rally and with a figure as low as 51k, many are hoping that this Friday will be a repeat of last month.