BofA forecasts April nonfarm payrolls at 80,000, above Bloomberg consensus 65,000 and breakeven 20,000.
Expected unemployment rate 4.3% (possible 4.2%) and labor force participation 61.9%, with a strong print seen as catalyst for USD rally.
Fed funds futures price only 5‑6 basis points of hikes in the next 12 months, with 20% chance of tightening, 50‑55% on‑hold, and 25‑30% easing.
BofA notes G10 banks, like RBA's 25‑bp May 5 hike, contrast with flat Fed pricing, and expects asymmetric reaction to payroll beats.