Dollar Watch: JOLTs, ADP, NFP

Dollar Watch: JOLTs, ADP, NFP

It's US jobs week. Which gives us at least three trading opportunities, scattered out nicely over the whole week.

First is the JOLTs Job Openings report.

Second is the ADP Employment Change report.

Finally, we have the Nonfarm Payrolls (NFP) report.

Let's look at what happened last month:

Nonfarm payrolls increased by 175,000 jobs. Economists forecast by TradingEconomics had estimated 240,000 jobs.

Another huge miss in the NFP report this month could weaken the dollar. The market seems poised to interpret any indication as a signal that the Federal Reserve might cut rates sooner than anticipated.

And even with a weaker-than-expected NFP, the market might just be looking at the headline. JPMorgan Chase highlighted during last month's report that "other employment indicators suggest there is no imminent weakening in the labor market." Additionally, these figures are preliminary and often revised in subsequent weeks. For instance, March’s nonfarm payroll gains were revised up to 315,000 from 300,000.