November NFP Will Make or Break King Dollar

 A couple of days after the OPEC extraordinaire show, we have Nov NFP numbers.  This week the USD rally has stalled, trading focus has shifted over to oil and USD bulls are looking for more good data from the economy to be convinced to purchase more.  Octobers numbers missed slightly and came in at 161K, for Nov analysts are expecting 175K.  This time of year there is some extra amount of hiring in services for retail, postal worker and restaurant positions for the holiday season.Today we have the feeler number in about two hours, the ADP NonFarm Employment Change, that is expected to come in at 165K and was reported to be 147K last month. 

Fed speakers have been saying over the last month that employment numbers are great, much of the economic data that has been coming in is either great or not bad and that inflation is beginning to pick up.  Fed speakers have been overwhelmingly guiding market participants to count on a rate hike at this coming Dec meeting.  As its stands the CME FedWatch Tool is reporting a 91% chance of a 50-75 basis point hike oat the Dec 14 meeting.
 

That said, if payrolls are off one way or the other by 20% or more that should cause huge disruptions, or swings in current market participant sentiment.  So, keep an eye on the ADP number later today as we look to Friday for more rate hike answers. 

ADP numbers came in 30% over predicted amount.  I would expect the USD to show some amount of strength into Friday.  Happy trading all!!!

Original post at TradersCommunity.com

Check out OOTTNews.com for the latest oil market news, data and commentary.