Nonfarm Payrolls beat estimates with 206,000 vs. 190,000 expected but on top of downward revisions of 111,000. Moreover, the unemployment rate rose to 4.1%. FXStreet Premium allows subscribers to participate in the coverage and ask analysts questions live.
Why Nonfarm Payrolls rock financial markets
The Federal Reserve (Fed) has two mandates: price stability and full employment. While inflation has been in the spotlight in the past few years, Fed Chair Jerome Powell reiterated that unexpected weakness in the job market would warrant slashing borrowing costs earlier.
ADP's private-sector jobs report and the ISM Services PMI pointed to softer hiring in June, while the JOLTs job opening figures for May surprised with some upside. Some US trades are off after Thursday's Independence Day holiday. That may add to volatility.
Markets are also watching politics. The second round of French parliamentary elections – in which the populsits are expected to remain out of power – and speculation about the viability of US President Joe Biden's candidacy have been encouraging markets.
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