BUT....Seeing a reactionary rebound as data is digested
The initial reaction on the dollar was to the downside in the dollar on the weaker than expected nonfarm payroll.
The USDJPY fell to 103.22 on the initial headline fall. But has rebounded back to 103.60 which is the 100 day moving average line. That level is finding sellers on the first look and we are seeing a move back down. The 103.00 level is the 100 hour MA and support.
In the EURUSD moved up tot eh 100 day MA at the 1.11653 level (the high reached 1.1167). The price is back down trading at levels seen right before the data.
It seems that although weaker than expected, it still keeps the Fed in play - maybe not for November but for December despite the weakness. However, it is not necessarily a done deal.
The dollar is now rebounding and is higher than the pre-event levels. The winds are picking up.
In the stock market, the S&P futures are down about -5. The Dow futures are down about -26 points. The Nasdaq futures are down about -13.50 points