The dollar fell, then rose, then steadied near pre-data levels in the aftermath of the April U.S. employment report. The NFP component missed expectations, though earnings number were in line with expectations. The markets priced out odds for a June Fed rate hike, though in our view, the data was not bad enough to take June off the table for the FOMC. EUR-USD spiked to 1.1482 from 1.1420 after the release, then fell to session lows of 1.1403, before steadying near 1.1420. USD-JPY fell from 107.00 to 106.44, before recovering to 106.97.
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