💵 The dollar was mixed after a significant downward jobs revision
📉 Market confusion and choppy trading occurred due to the delayed release of the data
🤔 The revised data may not change the current economic outlook significantly
📉 Traders are pricing in a 33% probability of a 50 basis point rate cut by the Fed in September
📈 Markets are highly sensitive to jobs data for signs of economic worsening
🗣 Clarity on the size of a rate cut and future borrowing costs will be sought from Fed Chair Powell’s comments
💼 US economy revised employment data by 818,000 for March 2024
📉 Largest downward revisions seen in professional and business services industry
🍽️ Leisure & hospitality industry saw the second-largest downward revision
💵 Monthly job additions in the US economy revised down from 242,000 to 174,000
📊 Revision does not change broader trends in GDP growth, stock market, and consumption
📈 Recent signs of slowing labor market prompting discussions on Federal Reserve’s monetary policy
📉 Weak July jobs report showed second-weakest monthly job additions and highest unemployment rate in nearly three years
🔄 Recent labor market updates show slowing but not heading for a downturn
🛠️ Fed Chair to speak at Jackson Hole Symposium, labor market expected to be key talking point
💱 Markets fully pricing in an interest rate cut by the end of Fed’s September meeting
💼 US job growth in the past year was weaker than initially estimated by 818,000 jobs in March.
💡 Markets should note that these adjustments are not job losses, but rather adjustments to the job count.
📉 Downward adjustments were mainly in the private sector, with significant revisions in professional services, information, leisure/hospitality, and manufacturing industries.
📊 The labor department’s estimates are preliminary and will not be finalized until February 2025.
🇺🇸 The revised data provides an important indicator of the overall health of the US labor market and has implications for Federal Reserve policy decisions.
💵 Market mood to sell dollars, potentially due to US job number revisions
📉 DXY sell-off amid speculation over weaker job market and lower Fed rates
📈 Eurozone current account surplus hits over EUR50bn, boosting euro
🧯 EUR/USD faces resistance, but low volatility hints at potential sharp move higher
💵 USD/MXN and USD/BRL rally despite weaker dollar trend
🇵🇱 National Bank of Poland governor hints at rate cuts in interview, causing zloty sell-off and rates market rally
📈 PLN’s rally expected to end with bias turning bearish, EUR/PLN 4.290 indicated as first stop
US Jobs Data Revisions and Market Impact:
💼 The US economy revised employment data by 818,000 for March 2024, showing significant adjustments.
💵 The monthly job additions in the US were revised down, impacting market sentiment and trading activity.
📉 Downward revisions were observed in various sectors, highlighting areas of weakness in the labor market.
🤔 Despite the revisions, the broader economic trends remain intact, influencing Federal Reserve’s policy decisions.
🛠️ Fed Chair Powell’s upcoming comments at the Jackson Hole Symposium will provide insights into future monetary policy.
Currency Movements and Central Banks:
💵 The dollar faced mixed reactions following the jobs revision, with traders pricing in rate cut probabilities.
📉 DXY experienced a sell-off amid speculations of a weaker job market and potential Fed rate cuts.
📈 The Eurozone’s current account surplus boosted the euro, while other currencies like PLN faced volatility.
💱 Markets are anticipating interest rate cuts, with central banks around the world hinting at policy adjustments.