Chris Turner ...
  • Francesco Pesole
  • Petr Krpata, CFA
EUR 90.22 For Business Accounts Only

Daily FX Strategy/USD: NFP to support a December hold

USD: Strong rebound in employment - After the ISM non-manufacturing disappointed this week, we expect today's jobs report in the US to come stronger than market consensus. Our economics team is expecting a 210k increase in hiring (cons. 183k) which should mark a strong rebound from the October reading. The headline gauge should largely benefit from the ending of the General Motors strike. This should give some respite to the dollar that has been under pressure in the past few days, mostly on the back of increased trade optimism. An improvement in the labour outlook should endorse the notion that the Fed will stay on hold as it announces monetary policy next week (market is already fully pricing in this eventuality). Nonetheless, we continue to see a non-negligible risk of the Fed restarting its easing cycle early next year as the economic outlook keeps softening.

In FICC (Fixed Income, commodities and Currencies) Research, we offer niche EM expertise, especially in EMEA. We are the go-to bank for Benelux issues, from regulations to rates to a Benelux credit focus. We have developed top notch covered bonds research, and have niche offerings in money markets, rate derivatives and European high yield. We overlay this with a global offering in macro, FX, commodities research and technical analysis. Europe is a key focus for us, but our global sphere extends to the Americas and Asia, in areas where we have selected DM & EM edges. Our analysts provide both written output and conference calls, but also travel the world to provide face-to-face presentations.

ING’s Equity Research team provides in-depth research on over 120 companies in the BeNeLux region, offering both breadth and depth of stock coverage. In addition to investment recommendations, our analysts offer thematic research, proprietary data points. insights into industry trends and unique valuation perspectives. ING’s Equity Research team was ranked the #1 Country Research team in the BeNeLux region in 2017 by the Extel Survey. Next to this, ING is the only bank to have been involved in all the BeNeLux IPOs in 2017. ING has the largest equities team focussed on Benelux listed securities and is the only Benelux broker with sales and research operations in both Amsterdam and Brussels and a sales hub in New York.

Chris Turner

Francesco Pesole

Petr Krpata, CFA

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