• The US NFPS and labor statistics are due today (Friday) at 12:30 GMT
• Traders and investors are increasingly confused over how the jobs data should be interpretted for markets
• A volatility swell from the ECB rate decision could leverage the impact from the labor data
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Coming off of the extreme volatility triggered by this past session's ECB rate decision, traders are anxiously awaiting the release of the May NFPs. A carry over of the elevated activity level is going to be exceptionally important in determining how the market will respond to the data - both from a volatility and directional perspective. Over the months, expectations as to how the jobs data impacts the market - growth, yields, stimulus, interest rates - have become so mixed that volatility has cooled, and a consistent momentum has fallen short. We discuss this event risk and its potential impact on the market in today's Strategy Video.