Traders don’t even expect a rate hike from the BoJ anymore.
The bets on Fed rate cuts have been more aggressive compared to the other central banks which saw the US Dollar selling off hard almost across the board.
Today we have two key events: the US NFP report and Fed Chair Powell. The employment data is old news, so it would have a bigger impact if it’s weak because a good report will likely be faded given the new expectations following the tariffs announcement.
Powell, on the other hand, will have a forward looking impact. If he remains neutral, the markets will take that as bad news because the Fed is not coming in support
Traders continue to bet aggressively on Fed rate cuts
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