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Recent U.S. dollar weakness will stall in the coming three months despite financial market traders ramping up bets for Federal Reserve interest rate cuts, according to a majority of foreign exchange strategists surveyed by Reuters. After surging about 5% against a basket of major currencies by midyear, the greenback lost almost all its gains as interest rate futures started pricing in about 100 basis points of Fed easing this year, nearly double June's expectations. That was driven in part by July labor market data showing signs of a slowdown, bolstered by reassurance from Fed chair Jerome Powell in his latest speech at Jackson Hole hinting rate cuts were coming.

Figures on Wednesday showed that U.S. job openings slumped to a 3-1/2-year low in July, the latest sign that the labor market is losing steam, and another signal for investors to sell stocks, buy bonds, and position for deeper rate cuts. U.S. rates futures are now roughly putting a 50-50 probability on the Fed delivering a 50 basis point rate cut later this month and are pricing in 225 bps of easing by the end of next year. That's a level of policy easing historically consistent with recession.

(Bloomberg) -- Treasury yields tumbled as data showing a slowdown in the US labor market boosted Wall Street’s bets on Federal Reserve rate cuts. Stocks fell as Nvidia Corp. extended its two-day selloff to 11%.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsJust a few days ahead of the payrolls report, a reading on job openings known as JOLTS trailed estimates and hit the low

(Bloomberg) -- A key segment of the US Treasury yield curve briefly turned positive as weaker-than-anticipated labor-market data bolstered bets on steep interest-rate cuts by the Federal Reserve.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsTreasuries jumped on Wednesday — led by shorter-maturity notes that are more sensitive to the Fed’s monetary policy — after US job open