Looks like the market guessed right. Payrolls proved to be lousy but already the market went into the data short of dollars and had to be very quick to get any bang for their devaluing buck…
USD/JPY and USD/CHF remain lower after the data given their interest-rate sensitivity. US yileds are sharply lower this morning, down 7.5 bp in 10s to 2.95%.
S&P futures are down 1.2% and commodities are softer. Oil is back below $100. Now at $98.60, -$1.81 on the day.