Traders Eye Nonfarm Payrolls

U.S. stock index futures indicated a lower open on Friday morning as traders eyed the release of a host of data.

Nonfarm payrolls, the unemployment rate, average hourly wages and the U.S trade deficit are all set to come out at 8:30 a.m. ET. ISM non-manufacturing data and factory orders are set to be released at 10:00 a.m.

The jobs report is the most important piece of data before the Fed next meets on June 14 and 15, but a soft number is not what would discourage the Fed from raising rates.

The futures market is pricing in higher expectations for July, and some economists expect the Fed to raise rates later in the summer or even the second half of the year because of the June 23 U.K. vote on exiting the European Union.

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.