Dollar Vulnerable after Dramatic Turnaround, Next Move Hinges on NFP
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...