Analysts at Nomura offered their response to the US Non-farm payrolls report and its implications on the US dollar.
Key quotes
“The better than forecast NFP result is not a reason to turn to a long US dollar position.
The EUR sell-off result in response to the release was due to a crowded long position only.
That there may be reasons ahead to turn bullish on the US dollar:
if lockdowns extend in Europe,
if the European Central Bank cuts interest rates,
and if US-China trade tensions escalate.”
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