U.S. Job Report To Take Center Stage

Welcome to a new trading week which promises heightened market volatility, driven by high-impact risk events such as the European Central Bank decision, Federal Reserve Chair Powell’s testimony before Congress and the all-important U.S. payrolls.

Fed’s Powell will appear before Congress both on Wednesday and Thursday for his semiannual testimony. Traders will look for further insights into policymakers’ current thinking, the economic outlook and thus, the timing of rate cuts.

Also on Thursday the ECB will take the stage but no changes are expected. Recent weak European data could lead ECB policymakers to adopt a more dovish tone which would increase pressure on the euro. The longer the ECB waits to cut rates, the more painful the downturn might be, which is why a patient approach could force the central bank to cut rates even deeper later on.

The main event this week, however, will be the U.S. jobs report on Friday. Market participants expect another round of solid jobs numbers. A stronger-than-expected jobs report could delay the Fed’s rate-cutting cycle. This would be positive for the U.S. dollar.


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