United States Nonfarm 2nd July?

US domestic sources of risk will be concentrated upon Wednesday and Thursday next week. Because Independence Day falls on a Saturday this year, next Friday will be a day off instead. 

SIFMA recommends that all fixed income markets will be shut Friday but there will be no early close the day before. Stock markets will also be closed on Friday.

Because of the holiday, nonfarm payrolls for the month of June will be released on Thursday instead. At the time of writing, consensus was expecting a gain of about 225k and we're at about a quarter million but that's not a statistically significant difference given a 90% confidence interval of +/-104,000 on the print, says Scotia Bank.

Apart from the headline, there are at least two other factors to watch out for. One is that the unemployment rate could tick down again. 

Recall that the unemployment rate is derived from the companion household survey and is based upon that report's more volatile measures of job growth and changes in the size of the labour force.

The prior month's nearly 400,000 expansion in the labour force and solid 272,000 job gain could mean revert with a potentially much cooler pace of expansion in labour supply that could drop the unemployment rate. Second is that markets will be keenly watching whether or not the mild upward trend in year-ago wage growth is intact.