Yen rebound and US job market fears drive Greenback lower
|A combination of the rebound in the yen and fears over the state of the US jobs market have driven the greenback lower so far this week.
Kevin Hassett’s remarks on Monday have raised a few alarm bells, as they seem to be teeing up a soft payrolls print later today, which was punted by a few days following the short-lived federal closure.
Consensus expects a job creation reading around the 70k mark, which while low relative to recent years, is still high enough to keep up pace with growth in the labour force.
As mentioned, however, attention could be on the revisions to the previous data. If we recall from September, the preliminary update to the data wiped 911k net jobs off the official job creation figures in the year to March 2025, with expectations that today’s final revision could show that even fewer jobs were added than originally anticipated.
If confirmed, this could support the case for a more aggressive pace of Fed cuts this year.
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