The median estimate is for the headline non-farm payrolls figure to come in at 85k, with the unemployment rate to keep steady at 4.3% again.
Typically, there will be a lot at stake when we get to the US jobs report
However, this time around is rather different as the Fed outlook is mired by US-Iran developments for the most part. As things stand, traders are not expecting any rate changes by the Fed for this year. Of course, the situation remains fluid.
But the fact of the matter is until there is more clarity on the US-Iran conflict and/or inflation developments, the Fed cannot feel confident in pre-committing to a particular rate path just yet. Taking that into consideration, the US jobs report today will be less influential to the macro outlook. But rather, it will just be another economic data point to scrutinise on the overall health of the US economy and general risk mood.