OPEC meet and US ADP data eyed – Rabobank

Philip Marey, Senior US Strategist at Rabobank, suggests that in Vienna, OPEC will meet but is not expected to implement restrictions on oil output as supply disruptions are having a negative impact on oil supply from other places than the Middle East.

Key Quotes

“In the US, ADP will publish its estimate of employment growth in May. While its forecasting track record for nonfarm payroll growth is far from perfect, with some major misses in 2015, it may be informative for Friday’s Employment Report nevertheless.

Fifteen minutes later the initial jobless claims for the week ending on May 28 will be released. Jobless claims have been elevated recently, but this may be largely due to the Verizon strike, which will also affect Friday’s nonfarm payrolls. However, this is just a temporary effect that will most likely be corrected next month.”