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Dollar Fades Post Payrolls

FOREX
  • Greenback strength was the order of the day ahead of June non-farm payrolls, with the dollar index trading close to 3-month highs, potentially anticipating a strong set of data.
  • The USD initially traded firmer on the higher than expected headline, however, dollar optimism faded almost immediately. A strong reversal ensued, with the potential trigger being an unexpected 0.1ppts rise in the unemployment rate, taking the shine off the report.
  • Additional positioning implications heading into the US holiday weekend prompted a sharp move to fresh lows for Friday's session. The DXY is extending losses into the close (-0.37%) ending a five-day win streak for the index.
  • Stronger US equities boosted risk-tied pairs with AUD, NZD and CAD all benefitting between 0.8-0.9%. Similarly, emerging market currencies performed very well with EMFX indices seen around 0.5% higher with notable reversals in MXN and ZAR both around 1.25% better off.
  • EURUSD (0.17%) ends just marginally higher on the session with a large amount of option expiries around 1.1850 capping the price action. USDJPY has fallen back below the important breakout point at 111.12 after posting highs at 111.66 during European hours.
  • Next week, markets will focus on the release of the FOMC minutes. Elsewhere Tuesday's RBA meeting will be of importance as well as Canadian Employment data to round of the week.
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