Friday's US non-farm payrolls data will be the biggest test for Citi and JPMorgan Chase, which are betting boldly on a 50 basis point cut in September. Foreign exchange traders have not been more excited than they are ahead of the US jobs report in more than a year. On the eve of the key non-farm payrolls data, options used to measure the direction of the dollar against its main trading partners hit their highest level since March 2023. The risk reversal data showed a bearish mood pervading the dollar. Since the release of the weaker-than-expected July non-farm payrolls data on August 2, Citi and JPMorgan have been forecasting the Federal Reserve to cut interest rates by 50 basis points in September and November, and by 25 basis points in December. Interest rate swap contracts put the probability of a significant 50 basis point cut at the Sept. 17-18 meeting at about 35 percent, but traders and economists see a 25 basis point cut as the most likely.