U.S. nonfarm payrolls likely to have dropped in October

The U.S. employment data for the month of October is due tomorrow. The nonfarm payrolls data is likely to have come in on the soft side at 160k in the month, owing to the Hurricane Michael, stated TD Economics in a research report.

The Hurricane is likely to have more than countered any recovery from Hurricane Florence, which added to the softer print in September.

“We expect wages to lend a more upbeat tone to the report and rise 0.3 percent, taking the y/y pace to 3.2 percent. However we see risk for downward revisions”, added TD Economics.

At 19:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was bearish at -88.9092. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex