Given the unemployment rate, the underemployment rate and that this report was foreshadowed by ADP and ISM and these moves seem a bit outsized. The dollar has gained about 60 pips across the board.
This is no smoking gun screaming out for tapering. That said, it’s much easier to sail with the wind. There have been a number of technical breakouts in the past few days and this report is a green light to continue in that direction. At times there is a risk of missing the move if you don’t jump on board ASAP, I don’t think that will be the case today.