There is something for everyone in today’s US jobs report, and at the end of the day, it is unlikely to sway opinion about the direction and timing of the next Fed move. The greenback itself may remain range bound after the initial flurry. On the other hand, the disappointing but noisy Canadian data underscores the risk of a more dovish slant to the central bank’s neutral stance next week. United States Nonfarm...
Read More »FX Daily, June 3: FX Market Shocked by Non-Farm Payrolls
Surprise NFP visible in FX rates The massive surprise in the US job report was reflected in currency rates. The EUR/CHF surprisingly increased, despite weak US data. This reflects the fact that the ECB is currently considered the most dovish central bank.Consequently the biggest short speculative position is in the euro, while traders are long CHF against USD. The dollar lost 2% against the yen, 1.6% against the euro and 1.3% vs. the Swiss franc. Click to enlarge. Longer term...
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