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

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam