Forex Flash: US payroll data unlikely to yield over 200k via technical terms – UBS

Aside from the global central bank decisions, US data was of particular interest throughout the week, all building up to Friday's payrolls print. The employment components of the key purchasing managers' reports for February have all been released and in general the high levels held well - e.g. non-manufacturing ISM registered 57.2 for this sub-component.

According to Research Analyst Gareth Berry at UBS, “The problem is, markets are looking at labor markets in second-derivative terms, and perception may remain that levels merely 'holding' (even at high levels) will not be enough to expect a print well beyond 200k.” The consensus for Nonfarm payrolls in the month of February sits at just 160K.