Fed rate cuts are back on the table, US dollar falls ...Middle East

The US dollar is broadly lower in the aftermath of the non-farm payrolls report and it's not just because the headline was soft at +12K versus +113K expected. That could be explained away by hurricane impacts and strikes.The kicker is that the prior two months were revised by a net 112K jobs, which brings the three-month moving average of jobs down to 104K, the lowest since the pandemic.The unemployment rate held at 4.1% but only barely as it was rounded down from 4.145% and it was helped by many people dropping out of the labor force and the participation rate falling 0.1 pp. Again, those are likely hurricane impacts that will be reversed but the Fed has to play the hand it's dealt and will

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