NEW YORK (TheStreet) -- Even if a good jobs report is released next Friday the Federal Reserve will likely not raise interest rates, Wells Fargo's global quantitative strategist Sameer Samana told CNBC's Seema Mody on "Power Lunch" Wednesday.
"More and more going forward (the Fed) will incorporate the global outlook and market volatility into their policy measures a little more and we think the jobs report by itself won't be enough to drive that," Samana said.
So, there is a slight possibility the Fed will adjust interest rates at the "very end of the year," but "it's really hard to see until there's more clear implications of what the last few days mean," he continued, referencing Brexit.
Even though the U.S. market has started to recover this week, along with the majority of markets across the world, from their post-Brexit lows, there is still a lot of uncertainty surrounding the U.K.'s decision to leave the European Union.
After plunging on Friday, the Dow Jones is back up by about 258 points, the NASDAQ is rising by around 85 points and the S&P 500 is higher by about 32 points this afternoon.
Meanwhile, The Bank of Japan may implement a currency intervention sometime within the next few weeks due to the sharp rise in the Japanese yen.
"Does a proactive approach taken by the BOJ mean it's a good thing for U.S. stocks?" Mody asked.
"It still remains to be seen. They've passed a couple times in terms of doing anything and with the yen now in the low 100s, it's really been a surprise they haven't stepped in post Brexit," Samana commented.
One of the "clearest losers" from the Brexit is Japan, he argued.
"With that currency rising and those exports, really that flows right through to earnings right away. For U.S. investors, what we would tell people is: 'stay allocated in developed markets.' But there aren't quite as many clear winners right now so we're going to have to let a little bit of time go by to see what happens," Samana advised.
Today, the dollar is declining around 0.5% to 102.28 yen, after it slipped as much as 7% to a two-and-a-half-year low of 99 yen initially after Brexit.