Forex
Rupee Trades Calm Ahead of US NFP Data, ADP Employment Change Sets Negative Tone
The Indian Rupee (INR) traded steadily at around 95.27 against the US Dollar (USD) ahead of the highly anticipated US Nonfarm Payrolls (NFP) data release on Friday.
A weak ADP Employment Change data for July, which came in at 44k, has set a negative tone for the official employment data, according to TD Securities.
The bank notes that while it doesn't place much weight on ADP when it comes to month-over-month moves in NFP, the trend in the data is consistent with its expectations of softer US payrolls.
NFP estimates suggest the US economy created 80K fresh jobs, higher than 57K in June, and a steady unemployment rate of 4.2% is expected.