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US NFP Preview: Overshadowed by Trump's Tariff Hike

US NFP Preview: Overshadowed by Trump's Tariff Hike

Nick Cawley, Strategist

US Labour Report (NFP) and Dollar Price, Chart and Analysis:

  • US NFPs still relevant despite interest rate cut, President Trump’s new tariffs.
  • Market expectations of 165k new jobs, average hourly earnings tick-up.

Q3 2019 USD Forecast andTop Trading Opportunities

The monthly US Labour market release for July is expected to show 165k new jobs created, average hourly earnings ticking up by 0.1% to 3.2% and the unemployment rate steady at 3.7%, according to market expectations. With US unemployment just a fraction above the recent 49-year low of 3.6% and with wage growth ticking up as companies struggle to find workers, the numbers show the US Labour market in robust health. This week’s 0.25% Fed interest rate cut however casts a different economy with fears that growth is slowing against an ongoing background of trade disputes and tariffs. And these fears will have been exacerbated by Thursday’s announcement that the US will put a 10% tariff on $300 billion of Chinese imports from September 1 this year.

S&P 500 and Dollar Hit as Trump Escalates Trade Wars Day Fed Volatility

If today’s Labour report misses expectations then pressure will build on the Fed to cut rates again at the September meeting, something that will please POTUS. The US dollar is coming off its recent 27-month high but with other major currencies, especially EUR and GBP being structurally weak, the US dollar may not fall as much as US President Trump wants.

DailyFX analyst Justin McQueen will be covering US NFPs live from 12.15 GMT

US Dollar Daily Chart (January– August 2, 2019)

US NFP Preview: Overshadowed by Trump's Tariff Hike

Keep up to date with all key economic data and event releases via the DailyFX Economic Calendar

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on the US Dollar – bullish or bearish? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.