Today is the day we get to see the state of the US labor market during the month of April. In March, NFP (non-farm employment change) badly missed badly expectations (which were around 170k).
The NFP numbers have been running around 150k-200k for a long time and a dip below 100k, such as last month, is considered a bad report.
Attention will be on the wages (average hourly earnings) report as this shows how much US workers are earning. A good report will translate to higher retail sales, higher consumer confidence, higher inflation etc, so it´s important.
The unemployment rate is important as well, but a big deviation in the headline NFP number will steal the show.
NFP is expected to come out at around 200k. Another big miss could get the USD bulls scared because it may show the start of a trend, considering the big miss we saw last month.
This positive run in NFP is the longest that this report has shown since it started, but at some point, we are bound to see negative numbers as the US labor market edges ever closer to full employment, which will be fun to trade.