Nonfarm Payrolls are forecast to drop by two-thirds to 1.6 million while the unemployment rate is set to drop to 10.5% from 11.1%. Dollar could reverse its decline on a right payrolls report, Joseph Trevisani, an analyst at FXStreet, reports. Key quotes “Nonfarm Payrolls are forecast to rise 1.6 million in July down from 4.8 million in June and 2.699 million in May. The unemployment rate is expected to drop to 10.5% from 11.1% and the labor force participation rate to fall to 61.1% from 61.5%. Average hourly earnings should decrease by 0.5% on the month in July and rise 4.2% annually following the 1.2% drop and 5% gain in June. Average weekly hours may slip 0.1 to 34.4 in July.” “Currency markets have punished the US dollar over the last three weeks expecting that the second wave of Covid cases would extract a large economic cost in the US. Traders have kept their heads down this week waiting for the Friday payroll numbers. Regardless of the state of jobless claims, if payrolls are good the dollar will rebound.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Silver Price Analysis: XAG/USD consolidates the pullback from 7.5-year highs of $29.86 FX Street 2 years Nonfarm Payrolls are forecast to drop by two-thirds to 1.6 million while the unemployment rate is set to drop to 10.5% from 11.1%. Dollar could reverse its decline on a right payrolls report, Joseph Trevisani, an analyst at FXStreet, reports. Key quotes “Nonfarm Payrolls are forecast to rise 1.6 million in July down from 4.8 million in June and 2.699 million in May. The unemployment rate is expected to drop to 10.5% from 11.1% and the labor force participation rate to fall to 61.1% from 61.5%. Average hourly earnings should decrease by 0.5% on the month in July and rise… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.