Economic calendar: NFP data in focus 💡

• Futures point to lower opening of cash session in Europe
• US NFP data will focus investors' attention at 1:30 pm GMT
• The dollar gains ahead of the data release

We are starting the last session in the financial markets this week. On Wall Street, the topic of the day today will be the reading of NFP data, the most important report from the US labor market. Investors can expect that with the publication of the data at 1:30 pm GMT, market tension may then be high enough that many instruments from index, currency, commodity markets will see increased volatility.

The market expects to maintain the pace of growth in workers' earnings relative to last month, but nevertheless assumes a lower reading for the change in non-farm employment.

Meanwhile, investors will also learn today about the state of the labor market in Canada (the equivalent of the U.S. NFP data) and the outlook for inflation in the medium term from the University of Michigan. 

At the moment, futures markets are pointing to near 0.11% declines in the Euro Stoxx 50 index at the start of today's session. 

Detailed calendar of the day (GMT time): 

13:30 - US, NFP data for December. 

• Change in employment in the non-farm sector. Forecast: 160,000. Earlier: 227 thousand
• Unemployment rate. Forecast: 4.2%. Previously: 4.2%
• Wages in annualized terms. Forecast: 4.0%. Previously: 4.0%
• Wages in monthly terms. Forecast: 0.3%. Previously: 0.4%

13:30 - Canada, labor market data for December.

• Unemployment rate. Forecast: 6.9%. Earlier: 6.8%
• Change in employment. Forecast: 24.5 thousand. Previously: 50.5 thousand.

15:00 - US, UoM data for January. 

• Annual inflation forecasts. Earlier: 2.8%
• 5-year inflation forecasts. Earlier: 3%