As the holiday-shortened week gets underway for UK participants, global attention will remain with the US and their latest jobs report, released on Friday. Last week, the Fed chairman, Jay Powell announced that the US central bank would begin tapering this year. He fell short of confirming the particular month but many investors believe that month could be September.
This week’s NFP release which reflects August’s employment activity takes on extra importance. A good release tees up the tapering announcement for the Fed’s next meeting in September. A soft print and it’s possible doubt could creep back into the market leading to a weaker US dollar. The NFP print is scheduled for Friday at 1.30 pm. It’s expected to see a 750,000 job gain with the unemployment rate falling to 5.2% from 5.4%.
Have a good week.
Written by Viv Savani. 6:51am, August 31st 2021
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