Today’s key event on the economic calendar will be the September US labor market report, due at 12:30 PM GMT. Consensus expects nonfarm payrolls to rise by around 90,000, compared with 162,000 in the previous month, while the unemployment rate is expected to remain unchanged at 4.1%. For markets, the headline NFP figure will not be the only focus. Wage growth and labor force participation will also matter, as they could have a significant impact on expectations for the Fed’s next moves. A stronger report could push Treasury yields and the US dollar higher again, while weaker data could create more room for a dovish repricing of monetary policy.
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