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US inflation data is expected to show a mild pick-up in December, which, coupled with the strong non-farm payrolls data, gives the US Fed more headroom to keep rates higher for longer
US Federal Reserve Governor Michelle Bowman says inflation could fall toward the Fed’s 2% target with interest rates at current levels, which is being seen as backing for lowering borrowing costs
A fall in rate cut expectations and a mixed set of data points from the US supported a rise in the dollar index and US yields
Analysts say the focus today will be on the US non-farm payroll and unemployment rate, which could provide clarity on overall strength in the labour market and the Fed’s path ahead
Analysts say that bets for a rate cut in March dropped from 75% to 65% last week, supporting an up-move in the dollar index and US yields