NFP Friday 7th May 2021 – What to Expect

NFP – What to Expect Today

The US Bureau of Labor Statistics is expected to announce an increase of 978,000 in Nonfarm Payrolls (NFP) in April following March’s impressive print of 916,000. The Unemployment Rate is seen edging lower to 5.8% from 6% with the Labor Force Participation Rate, which stood at 61.5% in March, likely improving as well on the back of easing coronavirus-related restrictions. 

EUR/USD is trading higher ahead of the US nonfarm payrolls (NFP) data. The US dollar has been on a decline amid an improving risk appetite. Since Wednesday, the greenback has been in decline triggered by the lower-than-expected US ADP employment report.

If Nonfarm Payrolls somehow disappoint, then the US dollar could find itself in more trouble which would be expected to support the gold price and potentially lead to another bullish impulse.  

The NFP numbers will offer further cues on the inflation status. Several FOMC policymakers, including Chairman Jerome Powell, acknowledged that the job market is recovering at a stronger pace than expected but reiterated that significant slack remains in the economy. 

Be ready at 15.30 GMT+3, for today’s NFP figures.

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