KEY POINTS
Wall Street is gearing up for one of the most important economic releases of the year Friday.
The consensus is for the nonfarm payrolls report to show growth of 161,000 for August and a slight decline in the unemployment rate to 4.2%.
Markets are certain the Fed will start lowering interest rates in a couple weeks, with the possibility of a jumbo cut depending on what Friday’s report shows.
Friday’s jobs report for August is going to be huge. Here’s what to expect
Summary
Dollar down 5% from 2024 highs
Investors bet on big US rate cuts ahead
Dollar decline overdone, some strategists say
Strength of US economy key to dollar
trajectory
NEW YORK, Sep 5 (Reuters) – The U.S. dollar’s decline is gaining speed as anticipated interest rate cuts by the Federal Reserve threaten to end the greenback’s years-long period of strength.
Investor bets shift as dollar weakens with looming Fed rate cutsNeed to talk to
US500 ONE HOUR CHART – WATCH 5500
The battle is on at 5500 with the bears holding the upper hand and bulls needing to get back above it to slow the risk… back above 5553-7 would suggest a shift in risk.
In any case, it is all about Friday’s Us jobs report and how it ends the wek vs 5500 would set the stage for the following week.
USDJPY 143.25
As I posted earlier
I got this in an email yesterday from the long-time, highly respected Global-View member that I have nicknamed the Savvy Trader for his USDJPY calls (note, I am just the messenger)
I believe you said once keep doing something until it no longer works
So keep selling rallies target is 128-132
Clearly everyone keeps on doing the opposite as evidenced by price action
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