US dollar to remain well supported bar a plunge in NFP – MUFG

FXStreet Insights Team FXStreet

The highlight of the day is the release of June’s Nonfarm Payrolls in the US. Economists at MUFG Bank expect the US dollar to remain well supported unless a plunge in NFP today.

Big payrolls miss required to dent dollar strength

“We would have to see a really bad NFP print to move the dial on near-term rate expectations and hence the US dollar is unlikely to be undermined by more moderate signs of slowing employment growth.”

“Fed rhetoric (Waller & Bullard) suggests there is still support for going by 75 bps this month given that the market is positioned for it. So the US dollar should remain well supported bar a plunge in NFP today.”

See – NFP Preview: Forecasts from 10 major banks, labour market loses momentum

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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