Anticipating the Nonfarm Payroll Report

As we approach the Nonfarm Payroll (NFP) report on August 2, 2024, market participants are keenly observing the data for insights into the U.S. labor market. The report is expected to show an increase of 194,000 to 206,000 jobs for July, indicating modest growth. This suggests potential softening in the labor market. A weaker-than-expected report could prompt the Fed to consider rate cuts, influencing the USD. Major currency pairs and gold prices will likely see volatility around the NFP release