Anyone interested in trading this week's Non-Farm Payroll release with either a short-term or long-term perspective? This Friday all eye will be looking towards the US Non-Farm Payroll data release, along with unemployment and average earnings figures, to gauge the current labour market conditions. These metrics will be a key focus for the Fed as it maintains interest rates at their highest level in 17 years, aiming to bring inflation back to target while avoiding a detrimental impact on the labour market and achieving a 'soft landing'. The current consensus for the US data is as follows: Non-Farm Payroll Previous: 272K Consensus: 195K Consensus range high: 240K Consensus range low: 150K Unemployment Previous: 4% Consensus: 4% Consensus range high: 3.9% Consensus range low: 4.1% Average Hourly Earning YoY Previous: 4.1% Consensus: 3.9% Consensus range high: 4% Consensus range low: 3.8% US inflation continues to fall at a steady pace with the most recent US CPI print coming in lower than expected at 3.1% and PCE coming out inline with expectations. A beat on all of the consensus figures above could increase upwards pressure on inflation, therefor forcing the FED to holds rates for longer. In this scenario I will be looking towards USD buying and GBPUSD selling inline with a more dovish BoE. A miss on consensus might provide the FED with some hope of seeing inflation creeping lower, but it alone is unlikely to shift their current projections for interest rates cuts. That being said, we will still likely see considerable weakness across the USD if we see a miss on data in the hopes of a more dovish FED. In this case I would be looking towards AUDUSD buying inline with the recent hawkish RBA and USDJPY selling inline with a hawkish BoJ. Additionally, there is potential to trade USDCAD with both US and Canadian employment data releasing at 13:30. For a trade like this with a much higher potential for volatility, I would consider executing an options straddle. Please share your thought on how you are looking to trade this data!