Daily digest market movers: DXY backed by stable job market and lowering rate cut odds
- Weekly Initial Jobless Claims came in at 208K, while no changes were reported in Continuing Claims, which continued to hold at 1.774 million, similar to the previous week.
- Fed rate cut expectations have slightly shifted, with July odds increasing to 33% and the September and November odds up to 70% and 95%.
- US Treasury bond yields are mixed. The 2-year yield is moving lower at 4.93%, while the 5-year and 10-year yields are slightly lower at 4.64% and 4.63%, respectively.
- For Friday, markets expect a deceleration in April’s Nonfarm Payrolls, while the Average Hourly Earnings are forecasted to see a slight acceleration. The Unemployment Rate is seen coming in unchanged at 3.8%.
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