The potentially market-moving jobs report hits Friday morning, and "Fast Money" traders debated how to play the results.
The U.S. Labor Department's nonfarm payrolls report for May is expected to show roughly 164,000 job gains, according to economists polled by Thomson Reuters. A strong number could give the Federal Reserve the ammunition it needs to raise interest rates this summer.
Traders discussed how they would play both good and bad results.
Nonfarm payrolls of 190,000 or more could signal the Fed is ready to raise rates, contended trader Brian Kelly. The central bank's policymaking committee next meets later this month, followed by another meeting in July.
In that situation, he would buy the PowerShares DB US Dollar Index Bullish Fund to bet on dollar strength. Trader David Seaburg agreed that the dollar could rise "if you get that signal that there's going to be a move."
Trader Dan Nathan added that he would sell the Consumer Staples Select Sector SPDR Fund. If the dollar strengthens, many multinational consumer staple stocks would take a sales hit, he said.