According to Mars Finance, citing Jinshi, Derek Halpenny of Mitsubishi UFJ Bank stated in a report that if the upcoming US employment data is strong enough, it could prompt the Federal Reserve to further lower its expectations for interest rate cuts, leading to a rise in the US dollar. He pointed out that strong non-farm payroll data coupled with accelerating wage growth could prompt the market to reduce its bets on rate cuts and push up the dollar. However, he also cautioned that considering the potential impact of the Middle East conflict on business activity, Friday's employment data "may be the best we've seen in some time."
Dollar bulls are focused on the upcoming US jobs data for guidance.
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