Nonfarm Payrolls Set to Show Moderate Job Gains, Marking Resumption of US Data Releases

The US Bureau of Labor Statistics (BLS) is set to release the delayed September Nonfarm Payrolls (NFP) data, which traders are watching for clues about the labor market's health and the Federal Reserve's (Fed) next interest rate move. Economists anticipate a rise of 50,000 jobs in September, with the Unemployment Rate stabilizing at 4.3%, and Average Hourly Earnings holding steady year-over-year at 3.7%. TD Securities analysts project job gains rebounding to 100,000, with the unemployment rate flat and AHE moderating slightly. The data is crucial as it may be the final full employment report before the Fed's December meeting. Market sentiment has already shifted against a December rate cut following recent Fed commentary and mixed economic data, including weaker-than-expected ADP private payrolls but a surge in layoff announcements. If the NFP is weak (below 50,000) and unemployment rises, it could revive rate cut bets, pressuring the USD and potentially lifting EUR/USD toward 1.1700. Conversely, strong job gains would likely eliminate December cut expectations, pushing EUR/USD below 1.1400.

(Source：BeInCrypto)