This bank note on the USD from Friday was prescient

From Australia New Zealand Bank (ANZ) on Friday, well ahead of the good NFP results that supported the USD into the weekend:

From ANZ's "FX Strategy Week Ahead" note out last Friday:

• Tentative signs of a stabilisation in the USD are emerging
• Our liquidity indicator is signalling that the market is over-leveraged into the current trend - history suggests caution in looking for any extension.

More:

• Over the past couple of weeks markets have been dominated by the weakness in the USD. While the trigger of a turnaround in the USD is still unclear, sentiment looks too bearish at this stage and momentum has become very stretched on a technical basis. We think risk reward favours scaling into long USD positions.

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ps. if you missed the nonfarm payroll report and its market impact, start here:

• July non-farm payrolls +209K vs +180K expected

And, more:

• Goldman Sachs on the US NFP report - the "bottom line" for the Federal Reserve
• Analysts response (Deutsche bank, Barclays and more)
• Reactions to the July US non-farm payrolls report
• The jobs data was good, but can the US dollar hold its gains?