The following Banks have lowered their Non-Farm Payroll estimate for Friday's release:
Deutsche Bank - from 300k to 160k in 2 days
Citibank - from 170k to 100k
Goldman Sachs - from 150k to 100k
Credit Suisse - from 185k to 120k
MF Global - from 150k to 90k
This morning's ADP number and ISM manufacturing PMI both disappointed traders fearing weak growth.
ADP Non-Farm Employment Change: 38k actual versus 177k forecast versus 177k previous
ISM Manufacturing PMI, 53.5 actual vs. 58.1 forecast vs. 60.4 previous
Stocks down, US Dollar down and treasuries down...
S&P down 21pts, -1.6%
EUR/USD flat at 1.4396
CHF and JPY, funding currencies strong on the day, USD/JPY @ 80.9, USD/CHF .8415 (down 122 pips, -1.43%)
US 10yr yield dropped to new 2011 below 3%, not good for the dollar
All this makes for an interesting close.