July Nonfarm Payrolls report expected to show 91K jobs added, up from June’s 57K, as markets gauge labor market strength.
The US Dollar’s near-term direction hinges on July’s Nonfarm Payrolls report, with markets forecasting 91K jobs added after June’s weaker-than-expected 57K. The Unemployment Rate is projected to rise to 4.3%, adding pressure on the Fed’s policy outlook.
Prior data, including ISM surveys and ADP Employment, will offer early signals on labor market momentum. June’s JOLTS report showed 8.18M job openings, down from May’s 8.23M, reflecting cooling demand. Stronger-than-expected figures could bolster hawkish Fed expectations, while soft data may revive rate-cut bets.
The US Dollar Index (DXY) remains near 99.90, with Friday’s report likely to dictate its next move. Commodity-linked currencies, including the Australian Dollar, will also react to China’s upcoming PMI and trade data.