The US non-farm payrolls report will be out tomorrow
While the data may be largely inconsequential at this stage, it could still be a sentiment trigger based on the way the market is trading in the lead up to the report come tomorrow.
The estimate is for a +62K reading, which is relatively on the softer side. However, the ADP report yesterday highlights some potential downside risk to the figure.
Some other details to consider is that the ISM manufacturing report showed a modest jump in employment conditions last month. The ISM services report will be out later today so that will add to some consideration going into the jobs report tomorrow.
In any case, as mentioned above, the market is unlikely to pay too much attention to payrolls this time around (again). However, just be wary that a significant miss/beat could still exacerbate sentiment in the market at the time.
Otherwise, "carry on as you will" should be the likely attitude adopted by the market.
