Soft July jobs report fuels skepticism over possible Fed rate hike

A weaker-than-expected July employment report has cast doubt on the possibility of a Fed rate hike in the near term, shifting market expectations toward potential cuts instead. The soft print challenges the narrative of a tight labor market and gives central bankers room to pivot toward accommodation if inflation continues to cool. This directly impacts positioning in equities, bonds, and USD crosses, as traders reassess the probability of higher-for-longer rates.

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