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May’s jobs report could be significantly weaker than the April report, which is why the market reaction to any upside surprise later today, could be limited. However, a strong labour market report could delay any rate cuts or dovish commentary from the Fed when they meet next week. Instead, the Fed could wait until June to adjust policy. Overall, this could support the dollar, which has strengthened so far this week. The dollar index broke above the 100.00 level on Thursday, led by USD/JPY, which rose more than 1.6%, as the Japanese currency crumbled after a dovish BOJ. Momentum is to the upside for the USD, and this may continue if we get a decent payrolls report.
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Create account Try a demo Download mobile app Download mobile appThe backdrop to this NFP report is one where Apple, the world’s largest company by market cap, has seen its share price tumble after reporting earnings for last quarter. The stock price fell by more than 4% in post market trading late on Thursday, after reporting earnings that disappointed the market.
The headline numbers were better than expected, but it was what lurked beneath them that spooked investors. Revenue was $95.35bn, beating expectations of $94.58bn, and earnings per share also exceeded estimates, it was $1.65, vs. $1.62 expected. However, this was not enough to stem the bearish sentiment. There was a slowdown in sales to China, and the costs associated with US tariffs also started to mount.
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