Focus on the US Non-Farm Payrolls today!
The US Jobs Report will be released at 12:30 p.m. (GMT).
Why Is This Important?
The Non-Farm Payrolls track the change in the number of people employed by the US in manufacturing, construction, and goods companies. It does not include farming industry employment. The US Jobs Report is so important for the upcoming Fed decisions.
The U.S. dollar rose against the euro this week, helped by upbeat U.S. economic data, and as the common currency remained under pressure following the hottest euro zone inflation on record that raised worries about the region growth outlook.
On the other hand, Expectations started to grow that U.S. inflation showed signs of peaking amid the Federal Reserve aggressive policy tightening, suggesting the U.S. central bank could pause its cycle of interest rate hikes after two more increases in June and July.
On Thursday, the ADP National Employment Report showed U.S. payrolls rising at a slower-than-expected pace last month.
We will closely watch the US Jobs Report today. US Nonfarm Payrolls are expected to rise 320,000 jobs in May, slowing from 428,000 in April. While still firm it would represent the smallest jobs growth in around a year. The Unemployment Rate is expected to moved down to 3.5%.
03 Jun 22 (Fri)