According to Jin Ten data, Antje Praefcke, a forex analyst at Commerzbank, pointed out that Powell emphasized the downside risks to the economy and employment in his speech at the Jackson Hole annual meeting. The current focus on labor market data has significantly increased.
If labor market data falls short of expectations, it may raise expectations for a Federal Reserve rate cut, even triggering market expectations for one or more 50 basis point cuts. The dollar may suffer a significant blow as a result.
If the ADP data to be released tomorrow is below expectations (the market consensus is 80,000), it may lay the groundwork for bearish sentiment towards the dollar, although this index has little predictive significance for Friday's non-farm data.