Research Team at TDS, suggests that January’s US nonfarm payrolls will give an update on the resilience of the labour market against gloomy outlook for other sectors of the economy. Key Quotes “TD is more bearish than the consensus estimate of 190k and looks for job growth to slow to 177k while the unemployment rate holds steady at 5.0%. Our below-consensus forecast reflects declines in the employment index of recent ISM surveys and jobless claims trending higher. The December trade balance is also ou and is expected to widen from the $42.4bn deficit seen in November. The market consensus is for a $43.2bn deficit, while TD sees the trade balance widening to -$44.2bn. Rounding out the calendar is consumer credit for December, which is to be released at 1500 ET. TD looks for outstanding credit to jump $17.5bn, higher than the $16.0bn consensus.” For more information, read our latest forex news.