All attention will be on the job report expected from the United States by 1:30 pm (GMT+1) today. The data will provide insight into the health of the US labour market, especially as the officials at the Federal Reserve consider easing off monetary support later this year.
Fed officials have consistently stated that employment is important in the tapering process despite the recent surge in inflation, which they describe as "transitory".
A strong job report would signal a recovery from the limited labour supply witnessed recently in the United States. The rising number of the delta strain of the novel virus could weigh on the data and compel the Fed to alter the timeline for tapering assets purchases.
If the data today can beat expectations, it would increase the possibility of tapering this year.
Average Hourly Earnings m/m (US) 1:30 PM
Non-Farm Employment Change (US) 1:30 PM
Unemployment Rate (US) 1:30 PM
ISM Services PMI (US) 3 PM
A positive data will support a buy trade on USDCAD, USDJPY and USDCHF while EURUSD, GBPUSD, AUDUSD, EURUSD and Gold will trade to the downside.
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