It has been ten months in a row that US non-farm payrolls have beaten estimates

Here's a look at how the last ten months of the data looks like:

• April 2022: +428K vs +391K expected
• May 2022: +390K vs +325K expected
• June 2022: +372K vs +268K expected
• July 2022: +528K vs +250K expected
• August 2022: +315K vs +300K expected
• September 2022: +263K vs +250K expected
• October 2022: +261K vs +200K expected
• November 2022: +263K vs +200K expected
• December 2022: +223K vs +200K expected
• January 2023: +517K vs +185K expected

You have to go back all the way to March data last year to the last time that the non-farm payrolls figure missed on estimates.

The estimate this time around is for a +205K reading for the month of February, which will reflect a drop from January's figure of +517K (before any revision).

The stakes are high for this one, especially considering how Fed chair Powell has basically pushed the thought of any firm guidance towards the upcoming data. This will be the first big landmine before we get to the next one in the form of next week's consumer inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term report.

As much as broader markets might be distracted by the whole saga involving SVB since yesterday, let's not forget that the jobs report today will play an immense role in market pricing ahead of the FOMC meeting later this month.

In that sense, for global markets, this is still a massive economic release to watch out for - even more so considering the kind of build up we are seeing in the past week.