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Some good news, some bad news

The US dollar is back to where it was before the jobs report.

There were some good signs:

And some not-so-good signs:

Overall the picture is one of a solid economy but not the runaway strength that this week’s ISM non-manufacturing report suggested.

USD/JPY climbed to 114.07 from 113.86 but is almost back to where it began now.

It’s similar elsewhere with small US dollar moves.

Looking ahead, the bond market remains in charge and it’s a balancing act. Yields are up with 10s to 3.21%, a climb of 2 basis points.

If yields can slowly move up, it will be a tailwind for USD/JPY but if they move too quickly, it sparks risk aversion and USD/JPY selling. With equity futures down 9 points today, we’re seeing a bit of the later.

ForexLive



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