USD to remain under upward pressure as NFP unlikely to shift Fed's hawkish stance – MUFG

US Jobs data is in focus today. But with the Federal Reserve set to stay hawkish, the US dollar is unlikely to weaken on a soft Nonfarm Payrolls report, economists at MUFG Bank report.

Jobs data unlikely to alter Fed’s path

“So with the Fed seeing evidence of success, we should not expect a shift in rhetoric no matter what the NFP print is today. That in our view means the US dollar will remain under upward pressure.”

“Any US dollar weakness on a weak NFP print that fuels easing expectations next year is in our view unlikely to last. A further tightening of financial conditions lies ahead and so too further dollar strength.”

See – NFP Preview: Forecasts from nine major banks, employment trend slows down