Halister News

(Bloomberg) -- Spot NZD/USD is more susceptible to a data beat than a miss over Wednesday’s 4Q jobs data, writes Bloomberg strategist Michael G. Wilson.

• Total net positioning by non-commercial accounts has flipped from 2,043 long mid-November to 9,883 short as at Jan. 24, much of this exposure entered at lower levels and now seen out of the money
• Leveraged longs, although larger in size, are entered at levels more adjacent to current spot of 0.7286, see chart
• RSI at 64, shows strength of trend still intact
• Number of employed people in labor force probably grew 0.7 percent after adding 1.4 percent in 3Q, according to median est. in Bloomberg survey; range of ests. 0.3 percent to 1.2 percent; data due at 8:45am local
• Job growth was more than double est. for each of the past three quarters; last data miss was 3Q 2015
• Unemployment rate seen ticking down to 4.8 percent from 4.9 percent