Tomorrow sees the release of May’s US Non-Farm Payrolls report at 1:30 pm, a data release synonymous with market volatility. Non-Farm Payrolls increased by 164,000 in April following a revised 135,000 in March, falling well below the market expectation of 192,000. However, after the Trump rhetoric of recent weeks with North Korea and the on-going US/China trade war, this Non-Farm release may not yield as much sting as witnessed in previous years.

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Following on from yesterday’s lower than expected ADP release, tomorrow’s major US report is expected to show that this year's strong employment growth has slowed. Employment change has undershot since March’s impressive number yet the employment rate has continued to decline, currently holding steady at 3.9%.

However, the US economy is seemingly stable with the outlook of the Federal Open Market Committee (FOMC) being relatively predictable. Markets are expecting a rate hike in the next FOMC meeting due to be concluded on June 13th.

 

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