October NFP report expected to show +108K jobs, traders anticipate pullback in US Dollar Index

From Investing.com: 2024-11-01 04:16:00

The October NFP report is expected to show +108K new jobs, +0.3% m/m earnings, and 4.1% unemployment. Traders are anticipating a potential pullback in the US Dollar Index near multi-month highs if the report is soft. The Fed may reconsider a December rate cut if the job creation exceeds expectations. The report, coming before a closely contested Presidential election, could sway sentiment and influence swing voters. The release will be today at 8:30 ET. The technical outlook suggests a possible retracement in DXY, with strong job numbers potentially pushing it towards 104.50 and weak numbers leading to a drop to 103.00.



Read more at Investing.com: NFP Preview: How Could Jobs Report Impact Elections and Fed’s Year-End Rate Path?