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S+P 500 in focus as US jobs report looms- see what the markets expect

At 1.30pm GMT the US will release its March jobs report. As noted here earlier, it remains to be seen, under the current circumstances, if this will provide more than just a passing impact. At the same time, it really does depend on what data emerges here today. So, let us have a look at what is expected. US non-farm payrolls are forecast to rise by around 200k last month, but there is quite a wide spectrum of expectations on that as usual. Non-farm payrolls rose by 275k in February. The underlying rate of unemployment is expected to edge lower, to 3.8%, from 3.9%. Annualised average earnings are important too and expected to fall to a rate 4.1%, from 4.3%. The participation rate will also factor into how the markets read this report. Ahead of this report the US equity futures are modestly higher, but not by degree yet, to detract from the significant turnaround we got last night. The S+P 500 closed at 5,147.21, which was some way below its then current 21 day moving average, at 5,184. Earlier the index had traded as high as 5,256.59. Hence, we got more than a 100 point turnaround, from what were levels close to its record high, at 5,264.85. The index future is right now pricing a reopening at 5,163, but that will most likely change ahead of the opening, once these jobs numbers emerge 

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