What's the NFP Game Plan? Is Yen to take the lead?

Investing is greatly influenced by emotion and perception. The market view has current sentiment ever rising, as the mood ahead of this morning's non-farm payroll remains relatively upbeat after US data this week showed private sector job growth for February with an increase of +198k, higher than January and above expectations.

NFP is the granddaddy for all economic indicators. So far, Thursday's better than expected US weekly initial claims benefits has not dramatically changed many individual's outlook for this morning's release. Consensus is looking for a +160k print confined within the +145k to +225k range forecasted. The unemployment rate is expected to ease a tad to +7.8% from +7.9%, with average hourly wages standing pat at +0.2% as most labor market indicators – jobless claims, ISM employment gauges, ADP –point to continued solid job gains.

How will the market interpret the data? From a yield perspective, an NFP headline print close to consensus would...