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Dollar is staging a significant rebound in early US session, fueled by unexpectedly robust Non-Farm Payroll data. This surge was mirrored by a sharp increase in 10-year treasury yield, which is on the verge of reclaiming 4% handle. Conversely, stock futures took a downturn in response to the revelations from the labor market.
Dollar had a dramatic turnaround in its fortune overnight, following the significant slide in US 10-year yield, which coincided with robust rally in US stock markets. Major indexes effectively wiped out the sharp declines seen on Wednesday. Anticipation of a Fed rate cut in March has notably dwindled, with fed fund futures now showing a mere 37.5% probability. Conversely, likelihood of a cut in May has escalated markedly, with market bets nearing 92%. Against this backdrop, today's Non-Farm payroll data looms large, poised to influence Dollar's next move, along with broader implicati...