USD flows: Little change on employment revisions

The US benchmark payroll revision has been released rather late, but is if anything on the high side of the reduction expected, with total jobs reduced by 818k for the year to March 2024. The initial reaction was slightly USD positive, but we see no reason why this should be the case. Equally, since it refers to the year to March 2024, it has very limited significance for current Fed policy. So with the number in any case quite close to what had been expected, there shouldn’t be much impact and the market can now focus on the FOMC minutes due later and the Powell speech on Friday.