Markets are hoping weaker labour data will increase expectations of Federal Reserve rate cuts, potentially boosting US stocks and weakening the dollar. Rate cut expectations have already risen to about 2-3 cuts this year. A weaker report could push expectations higher, further pressure the dollar, and accelerate monetary easing, especially with a new Fed chair expected in May.
For January, payrolls are expected to rise by 65,000, unemployment to stay at 4.4%, and wage growth to ease slightly to 3.7%.
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