USD/JPY Volatile as Jobs Data Tests Fed Cut Timeline; S&P 500 & Nasdaq Eye GDP
USD/JPY showed increased volatility, trading in a 149.50-150.20 range as markets reassess Federal Reserve rate cut expectations ahead of crucial US jobs data. The pair declined 0.3% to 149.85 as traders position for potential dollar weakness. Strong US GDP growth signals are tempering aggressive rate cut bets, with markets now pricing only 75 basis points of cuts through 2025, down from 100bps last month. The S&P 500 futures indicate a 0.2% opening gain, while Nasdaq 100 futures point 0.3% higher, reflecting optimism about economic resilience. US Dollar Index (DXY) consolidated near 101.20. Friday's Non-Farm Payrolls report becomes pivotal, with expectations of 145K jobs added. A miss could reignite rate cut speculation and pressure USD/JPY toward 149.00 support, while a strong print might push the pair above 150.50 resistance.
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