US Non-Farm Payrolls (NFP) Report Preview (FEB 2025)
The US is expected to add 160K jobs in February, while the Unemployment Rate is projected to hold steady at 4.0% during the same period.
Share this:
US Non-Farm Payrolls (NFP)
The US Non-Farm Payrolls (NFP) report showed a 143K rise in January versus forecasts for a 170K print, while Average Hourly Earnings unexpectedly climbed to 4.1% from 3.9% during the same period.
US Economic Calendar – February 7, 2025
A deeper look at the report showed the Unemployment Rate narrowing to 4.0% from 4.1% in December even as the Labor Force Participation Rate increased to 62.6% from 62.5% during the same period.
The update from the Bureau of Labor Statistics (BLS) revealed that ‘job gains occurred in health care, retail trade, and social assistance,’ with the report going onto say that the ‘change in total nonfarm payroll employment for November was revised up by 49,000, from +212,000 to +261,000, and the change for December was revised up by 51,000, from +256,000 to +307,000.’
Join David Song for the Weekly Fundamental Market Outlook webinar.
David provides a market overview and takes questions in real-time. Register Here
EUR/USD Chart – 15 Minute
Chart Prepared by David Song, Senior Strategist; EUR/USD on TradingView
The US Dollar showed a mixed reaction to the NFP report, with EUR/USD pulling back from a fresh daily high (1.0412) to close the week at 1.0327. The weakness in EUR/USD was short-lived as it retraced the decline following the NFP to end the following week at 1.0492.
Looking ahead, the US is expected to add 160K jobs in February, while the Unemployment Rate is projected to hold steady at 4.0% during the same period.
With that said, signs of a resilient labor market may generate a bullish reaction in the US Dollar as it raises the Federal Reserve’s scope to keep US interest rates on hold, but a weaker-than-expected NFP report may produce headwinds for the Greenback as it fuels speculation for an imminent Fed rate-cut.
Additional Market Outlooks
GBP/USD Eyes December High as Ascending Channel Remains Intact
Canadian Dollar Forecast: USD/CAD Rally Persists with Trump Tariffs on Track
Euro Forecast: EUR/USD Vulnerable to ECB Rate Cut
US Dollar Forecast: USD/JPY Rebound Retrained by Slowdown in US PCE
--- Written by David Song, Senior Strategist
Follow on Twitter at @DavidJSong
Related tags:
Latest market news
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
US Dollar Short-term Outlook: USD Rally on the Line as Midterms, NFP Loom 11 3 2026
DXY is testing pivotal support, with the weekly range breakout likely to determine the next major leg of the trend as key event risk unfolds.
US Midterm Forecast: The Key Risks for Traders to Watch Through the US Elections
Prediction markets are pricing in nearly 75% odds of a Democratic sweep in this week’s US midterm elections, a development that would result in a split from the single party Republican rule of the past two years - what will it mean for markets?
Nasdaq 100 Forecast: NDX rebounds as oil prices fall and ahead of Apple earnings
U.S. stock indices are moving higher on Monday as tech and AI-related stocks steady following a shocking October. The mood remains cautious following the AI wobble, with more tech earnings due this week, U.S. midterm elections and a full U.S. economic data calendar.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.