The ranges of estimates are important in terms of market reaction because when the actual data deviates from the expectations, it creates a surprise effect. Another important input in market's reaction is the distribution of forecasts. In fact, although we can have a range of estimates, most forecasts might be clustered on the upper bound of the range, so even if the data comes out inside the range of estimates but on the lower bound of the range, it can still create a surprise effect.Non-Farm Payrolls0K-176K range of estimates75K-130K range most clustered110K consensusUnemployment Rate4.3% (1%)4.2% (83%) - consensus4.1% (15%) 4.0% (1%)Average Hourly Earnings Y/Y3.9% (3%) 3.8% (69%) - consensus3.7% (25%)3.4% (3%)Average Hourly Earnings M/M0.4% (2%)0.3% (75%) - consensus0.2% (23%)Average Weekly Hours 34.3 (38%) 34.2 (62%) - consensusFed Chair Powell mentioned that they focus on the unemployment rate, so that's going to be the most important metric to watch. I feel like the market is already positioned for a good report so a weak one is likely to trigger bigger moves. This article was written by Giuseppe Dellamotta at investinglive.com.