Today’s release pushed market expectations of rate cuts higher, with the latest probabilities showing around 50 basis points of rate cuts this year. At the start of the week, this figure was around 28 basis points. According to market forecasts, a September rate cut is now fully priced in.The US dollar fell sharply post-NFP release with the dollar index breaking through the 105.00 level with ease. The next level of support, the 38.2% Fibonacci retracement level, is seen at 104.38.
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