ACTV - Rates Spark: No Payroll Surprise Please
2024-07-05 04:05:00 ET
Summary
- US payroll numbers have continuously surprised expectations to the upside, yet soft data keeps pointing at a weakening labour market.
- A consensus reading or lower would help build a Fed cutting narrative for September, helping both US and euro rates to fall.
- The French election outcome is unlikely to stir markets as tail risks have faded.
By Benjamin Schroeder | Michiel Tukker | Padhraic Garvey, CFA