Analysts: Powell makes this week's non-farm payroll data particularly important

According to Odaily Planet Daily, Antje Praefcke, a foreign exchange analyst at Commerzbank, noted that Powell's speech at the Jackson Hole symposium emphasized downside risks to the economy and employment—balancing the interest rate cut expectations of the US government, the market, and fellow Federal Open Market Committee members with the inflationary risks posed by tariffs. This indicates that labor market data is currently receiving far more attention than usual, significantly increasing its impact. This naturally means that if labor market data falls short of expectations, it could further significantly increase expectations of a Fed rate cut, potentially reigniting market expectations for one or more 50 basis point cuts. If this were to happen, I expect the US dollar to suffer another significant blow. Tomorrow's ADP data, if it falls short of expectations (the market consensus is 80,000), could underpin this bearish sentiment for the US dollar—although the index ultimately has little bearing on Friday's non-farm payroll data. (Jinshi)