For so many years markets have got used to focusing overwhelming on US employment, with the Fed emphasizing that return to full employment was key to their monetary policy plans. However,
with employment data printing strongly for some time now the focus has shifted away from employment, meaning that the monthly NFP print that traders had been living and dying by is no
longer as relevant. The dis inflationary impact of lower energy prices and the lack of wage inflation is now the main focus for that set market tone.