We look for payrolls to soften in October, registering a 140k gain and reflecting a mean-reversion after a booming NFP report in September. 

Average hourly earnings likely advanced 0.2% m/m for a third consecutive month, with the y/y measure dropping to 4.0%.

A weak payroll report could spark a continuation of the recent bull flattening move in rates.

A moderation in headline job gains coupled with another 0.2% m/m increase for AHE will put further pressure on the USD.