EUR-USD has consolidated moderately above Friday's post-U.S.. jobs report low at 1.1049. Further declines seem likely with the U.S. data having reopened the Fed tightening narrative, this time centred on the September FOMC as a possible lift-off date. The dollar's yield advantage has widened to the 155 bp at the 10-year T-note over Bund comparison, up from levels near 140 bp that were seen last week. The 1.1000 level provides the next downside focal point, ahead of 1.0970, which is the current position of the 50-day moving average.
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