The dollar largely consolidated recent moves in overnight trade, as the market anticipates this morning's January U.S. employment report. We look for a 200k rise in non-farm payrolls, and a dip in the unemployment rate to a cycle low of 4.9%. Such a result would be welcome in the current backdrop of otherwise soft incoming data. EUR-USD traded on either side of 1.1200 in London, though appeared to struggle some over the figure. USD-JPY meanwhile, ran into ongoing selling interest at the 117.00 level, and appears primed to test 116.00 should the risk backdrop remain soured.
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