![– Rate cut hopes rest on US jobs report and Eurozone flash CPI [Video]](https://i.headtopics.com/images/2024/3/29/fxstreetnews/rate-cut-hopes-rest-on-us-jobs-report-and-eurozone-rate-cut-hopes-rest-on-us-jobs-report-and-eurozone-74D1FE011DC324443AB1BA24EE2C40C3.webp)
The March round of policy meetings reinforced June as the likely date when most central banks will begin cutting rates. Yet, doubts remain about whether or not inflation is on a sustainable path downwards, especially in the United States.
Nonfarm payrolls report and European flash CPI to shape rate cut bets. ISM PMIs to also be important for Fed expectations and US dollar. Canadian employment and Chinese PMIs also on the agenda. Fed hawks rear their ugly heads Although FOMC members maintained their projection of three rate reductions this year, they appear to have become more reluctant to commit to a specific timeframe for cutting rates. Inflation in the US has stalled around 3.0%, while the labour market remains very tight.
ECB policymakers have been out in droves lately, all calling for a rate cut at the June meeting. A downside surprise would endorse such a move, pressuring the euro, but stronger-than-expected readings could lessen the odds for a June cut. However, any boost to the euro from stronger numbers would likely be limited and short-lived as one month’s data would not be seen as shifting expectations very significantly when there is such a strong consensus within the ECB for a summer cut.
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