US dollar solid ahead of the report
The US nonfarm payrolls report is expected to rise 190K after a disappointing 98K in March.
For the Fed, anything better than 50K is good enough. The focus will be on wage growth and that's why average hourly earnings will be the big market mover. The consensus is for a +0.3% m/m rise.
I wrote yesterday about why wages matter far more than just the timing of the next Fed hike.
At the same time as the US jobs report, Canada also reports employment for April. The loonie is overdue for some good news; it's fallen in 10 straight sessions. It won't take much of a beat on the +10.0K consensus or 6.7% employment to spark a squeeze. Watch the full-time/part-time breakdown as well.
