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Today NFP report is to be published at 12:30 GMT from US.
What is NFP report?
- NFP or non-farm payroll report is the monthly statistics on labor condition in the US released by US department of labor statistics. The report comprises goods, construction and manufacturing sector companies.
- This report influences the financial markets deeply across asset class.
Key highlights -
- Headline number for total hires last month was 280,000. June ADP employment number bounced back to 237,000, highest since last December.
- Today payrolls are expected at 230,000.
- Second most vital component is wage growth which saw a rebound by 2.2% in the last report; market is expecting another solid gain today.
- Labor force participation rate is showing no signs of rebound. It was at 62.9%, in last report.
- Unemployment rate is expected to drop to 5.4%, from 5.5%.
- Average weekly hours were previous 34.5. No major change is expected.
Impact -
- Volatility is sure to be on the card, post release.
- Today's report is most crucial as better report would give rise to hike expectation from US Federal Reserve as early as September.
- Report is very crucial for dollar too. Dollar index, which is value of dollar against basket of currencies is standing at crucial juncture. As of now it is testing the highs, made on Monday after Greek referendum announcement over the weekend.
- Dollar index is currently trading at 96.3, a clear break on NFP would push it to the next level of resistance around 97.7-98.
