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Greenback Steps Lower as Post-NFP Rally Fades

FOREX
  • The USD is comfortably the poorest performing currency in G10, stepping lower to wholly erase the post-NFP strength. The USD Index is close to 0.7% off the Friday high, with 101.987 the immediate support.
  • Moves come as markets see relatively little read through from the jobs report to Fed monetary policy, with a 25bps step in early May likely marking the peak of this tightening cycle.
  • NOK was in focus across early European hours, rallying on the back of a higher-than-expected CPI release, although an inline underlying inflation release reined in any broader rally and now the currency sits softer ahead of NY hours.
  • CHF trades more firmly, keeping EUR/CHF within range of last week's lows at 0.9851. Slippage through here opens the 200-dma support at 0.9831.
  • Focus for the week rests on tomorrow's inflation release, with markets coalescing around a step down for headline M/M and Y/Y releases, but persistent strength in ex-food and energy measures. Speakers today are made up of Fed's Goolsbee & Harker and ECB's Villeroy.
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