The pivotal US employment report, Non-Farm Payrolls is released by the Bureau of Labor Statistics at 13:30 (London) today. The statistical reading is released on the first Friday of each month to assist government policy makers, and is seen as a bellwether of the US economy.
Fed Chair Janet Yellen has cited the data dependency for the Federal Reserve to vote to raise interest rates, adding further volatility to the release, for an already pivotal number.
The ADP employment report on Wednesday showed an increase of 169,000 jobs a number that missed expectations.
What is the markets expectation?
Estimate Unemployment rate: 5.4% vs 5.5% (March)
Median estimate of jobs: 224,000
Cable has been driven by Sterling, as the market reacted to the UK general election. GBPUSD traded to the highest rate of the year (1.5420) as traders bid the Pound higher as the Conservative Party gained won a majority of seats.