NFP Preview: Consensus print to propel the US Dollar further weaker into the weekend – MUFG
|Economists at MUFG Bank discuss how the US Nonfarm Payrolls report could impact the greenback.
Fed will pause this month
We maintain our view that the Fed will pause this month and that the tightening cycle is likely over.
A consensus print today will likely remove the lingering pricing for a rate hike this month (OIS implies about 7bps) and propel the Dollar further weaker into the weekend. That could mean the 100-DMA for DXY (102.91) comes into play and is tested this afternoon.
See – Nonfarm Payrolls Preview: Banks expect labor market to lose momentum only slowly
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