With markets closed tomorrow, NFP (the nonfarm payrolls component of the employment situation report) arrives a day early today, and despite all the focus on Europe, it's still important!  Now, there's always some chance that a jobs report leaves us close to unchanged by the end of the day, but I'd be surprised to see that today.

Reason being: we're entering the final approach to a probably Fed rate hike in September.  Just yesterday, Vice-Chair Fischer reiterated that the Fed is in a hurry to hike, even before full employment and inflation targets have been reached, due to the lag in impact of monetary policy.  Translation: the Fed doesn't want to be behind the curve when it comes time to level off at cruising altitude. 

It would follow logically then, that any strong showing in key jobs data would only reinforce this sense of urgency.  From there, all we need to know is whether or not US bond markets are capable of caring about payrolls and Fed policy expectations even in the midst of major developments in Europe.  Indeed they are:

2015-7-1 TSY

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
FNMA 3.0
98-27 : +0-00
FNMA 3.5
102-13 : +0-00
FNMA 4.0
105-15 : +0-00
2 YR
0.6960 : +0.0040
10 YR
2.4460 : +0.0187
30 YR
3.2310 : +0.0240
Pricing as of 7/2/15 7:30AMEST

Tomorrow's Economic Calendar
Time Event Period Forecast Prior
Thursday, Jul 02
8:30 Non-farm payrolls (k)* Jun 230 280
8:30 Private Payrolls (k)* Jun 225 262
8:30 Unemployment rate mm (%)* Jun 5.4 5.5
8:30 Manufacturing payrolls (k)* Jun 5 7
8:30 Initial Jobless Claims (k)* w/e 270 271
9:45 ISM-New York index * Jun 683.7