US NFP: High-frequency labor market information indicates strong September job gains – Goldman Sachs

Ahead of the September month US employment numbers, up for publishing at 12:30 GMT on Friday, Goldman Sachs came out with its upbeat forecasts. The banks estimate the headline Nonfarm Payrolls (NFP) to rise as 1,100K versus the previous 1,371K while the Unemployment Rate is anticipated to slip from 8.4% prior to 8.1%.

The forecasts rely on the earlier picking up economic activities while flashing positive signals.

Key quotes

High-frequency labor market information indicates strong September job gains.

the second derivative improvement in the public-health situation suggests scope for a pickup in Sun Belt job growth.

Read: Nonfarm Payrolls Preview: Eagerly waiting for an upbeat report

EUR/USD turns heavy...

Ahead of the key data, EUR/USD drops 0.12% to 1.1735 as the passage of the coronavirus (COVID-19) stimulus worth of $2.2 trillion by the US House favor the greenback as markets in Tokyo open for Friday's trading.