Citi Research previews the US April jobs report on Friday.

"Our US economists are forecasting a print well below consensus at -15k vs +65k, driven by ongoing volatility and immigration changes, resulting in a jump in unemployment from 4.3% to 4.4%. The overarching theme of this volatile data, like February's blowout report of +178k, is that Fed officials have begun to discount these readings," Citi notes.

"Against this backdrop, our economists continue to expect three 25bps cuts in September, October, and December, as the Fed prioritizes labor condition trends over headline volatility," Citi adds.