The upcoming US non-farm payrolls (NFP) report is being viewed as the final bellwether of the week for financial markets, with consensus estimates calling for 110,000 jobs added in July, according to Jinshi Data.
The release follows PCE inflation data earlier this week, which largely aligned with the Federal Reserve’s outlook on price pressures. But analysts warn that if job growth exceeds expectations, it could dampen or even erase hopes for a September rate cut.
The stakes are high: the NFP report is likely to influence the US dollar’s trajectory and ripple across stocks, bonds, and cryptocurrencies, as traders recalibrate expectations for Fed policy.
Markets will be closely watching not just the headline jobs figure, but also wage growth and unemployment rate data, which could provide additional signals on whether the Fed maintains its current stance or considers easing later in the year.