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FOREX: USD Remains Well Bid Post NFP

FOREX

The USD remains well-bid following the stronger-than-expected US labour market report, with the BBDXY index 0.6% higher at typing.

  • The dollar index sits at its highest since early May, with the 10-year UST-Bund spread around 5bps wider today and the UST-Gilt spread around 4bps wider.
  • USDJPY remains above the June 4 high, last 156.82 and 0.8% higher. Key resistance is defined at 157.71, the May 29 high.
  • EURUSD is 0.6% lower, but still above the 1.08 handle. Support to watch lies at 1.0788, the May 30 low, a breach of which may call into question the recent bull cycle.
  • Next week’s calendar is heavy, headlined by US CPI and the Fed on Wednesday, before the BoJ decision on Friday.
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