US Jobs Report to Test Dollar Strength Amid Oil Price Volatility
The US jobs report is set to be released at 8:30 AM ET today, providing traders and investors with crucial data on the state of the labor market. The report is expected to show a gain of 90,000 jobs in September, down from 162,000 in August.
The unemployment rate is forecasted to remain at 4.1%, while average hourly earnings are predicted to rise by 0.3% for the month. A stronger jobs report could push expectations of a Federal Reserve rate hike higher, with a roughly 21% chance priced in for October.
Meanwhile, the dollar is mixed ahead of the payrolls release, with some currencies seeing modest gains or losses against the US dollar. Oil prices have fallen, with WTI futures down $3.55 to $89.32 per barrel, as Europe discusses emergency reserve releases to alleviate energy market pressure.