Dollar steamrolls ahead despite weak non-farm payrolls
The news isn't always important and the size of a move isn't always telling. But combined they can tell the entire story.
When bad news can't make something go down, it probably won't go down at all.
That's the story in US dollar trading today. The lows of the day came moments after non-farm payrolls and the US dollar has been climbing ever since.
USD/JPY fell as low as 106.42 and is trading at 107.10. USD/CAD rose nearly 120 pips from the lows. The euro jumped to 1.1479 only to sink below 1.1400. Cable is down 120 pips from the NFP spike.
It's a near-universal US dollar story, and days like today are the ones that convince you it will last.
The Dollar Index still shows that we're only in the very early stages of a US dollar bounce, but it's a start.