US June 2023 Nonfarm Payrolls

The US dollar outlook improved further on the back of a much stronger ADP payrolls report and an above-forecast ISM services PMI reading, all adding to bets that the Fed will hike interest rates at least one more time. Will we now see another strong US non-farm payrolls report and further dollar strength?

The EUR/USD is treading water around 1.0890 as it portrays the market’s cautious mood ahead of the US employment report from June today and a speech from European Central Bank (ECB) President Christine Lagarde at 18.45 GMT+3. In doing so, the Euro pair struggles to defend the previous day’s U-turn from the short-term key support line amid a sluggish Friday morning in Europe.

What to Expect Today from the NFP?

Headline jobs growth is expected to have risen by 224,000 in June, causing the unemployment rate to drop back to 3.6% after it unexpectedly rose to 3.7% in the previous month. Average hourly earnings, a key measure of inflation, are expected to have risen by 0.3% month-over-month.

Have your trading charts ready!

Friday 7^thJuly High Impact Events

Times below are GMT+3

15.30 – Canada – Employment Change, Unemployment Rate

Potential instruments to Trade: CAD Crosses.

15.30 – US – Average Hourly Earnings m/m, Non-Farm Employment Change, Unemployment Rate

Potential instruments to Trade: USD Crosses.

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