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US dollar analysis: Will NFP help the USD rise from the dead?
Defying all expectations, the start of 2023 was characterized by strong US economic growth, inflation moderating only slightly and the labor market remaining tight as a drum. Based on the leading indicators and this week’s coordinated slowdown in economic data, this month’s NFP report will put that theme to the test. As we discuss below, the leading indicators for the marquee monthly jobs report unanimously point to a loosening labor market relative to last month. With traders currently pricing in essentially a 50/50 chance of one last rate hike from the FOMC next month, the NFP report will help tip the ... (full story)
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