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NFP Preview: US Dollar Bounce Potential if Jobs Remain Strong
Traders and economists expect the NFP report to show that the US created 238K net new jobs, with average hourly earnings rising 0.3% m/m (4.0% y/y) and the U3 unemployment rate holding steady at 3.8%. As Fed Chairman Powell noted in his press conference on Wednesday, the US economy has thus far defied expectations for a slowdown to start 2024, and tomorrow’s NFP report is the next major hurdle for growth optimists to clear: US economic data in recent weeks has remained generally strong, though there are some signs of a potential downshift (such as in Wednesday’s 3-year low in JOLTS job openings survey) if you ... (full story)