The US dollar bounced around after the non-farm payrolls report. The initial move was higher but it was competely faded against the euro within a couple hours. That’s also the case against the pound and commodity currencies.
In the last hour or so there has been some profit taking in euro longs, possibly after Bessent said there will be intense negotiations between the US and EU this weekend. Trump loves to grandstand like he did against Canada last week so I’d expect a few more twists and turns before anything gets done on that front. We could be seeings signs of euro longs heading to the sidelines ahead of that.
EUR/USD 10 minutes
Elsewhere, USD/JPY is the big winner today as the pair benefits from a 9 bps rise in US 2-year yields along with a strong rally in risk assets. The S&P 500 is up 0.85% and near the highs of the day and USD/JPY is challenging the jobs high.
USD/JPY 10 mins
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