Investors and traders in the US Treasury and foreign exchange markets are closely monitoring the upcoming June US jobs report, which is expected to show a slowdown in job growth and a rise in the unemployment rate. The report, scheduled for release on July 3, 2025, is seen as pivotal in determining the Federal Reserve's approach to interest rates, particularly the possibility of a rate cut in July. Market participants are assessing whether a jobs increase of around 110,000 will provide Fed Chair Jerome Powell with justification to resist pressure for a rate cut or if weaker data will increase the likelihood of easing. This jobs report comes amid ongoing economic uncertainty linked to President Donald Trump's trade tariffs and the approaching August 1 deadline for trade deals. The labor market's performance in June is therefore crucial for shaping expectations about monetary policy and broader economic conditions in the US.