The non-farm payrolls glow is off the US dollar. Moves are small today but the dollar is lower against the yen and euro. That means no follow-through from non-farm payrolls and no excitement about Goldman Sachs moving its Fed forecast forward.

USD/JPY jumped to 102.27 from 101.90 after the report on Thursday but it peaked almost immediately then faded Friday and further today to completely erase the NFP gain.

USDJPY 15 minutes

USD/JPY 15 minute chart

The key short-term support level is the 200-day moving average, which is just below spot at 101.80.

It’s clear at the point that good US economic data isn’t enough to sustain a US dollar rally. If it’s going to continue, we need some hawkish commentary from the Fed.

Here’s the schedule:

Tuesday – Kocherlakota and Lacker

Wednesday – Fed minutes

Thursday – Fisher, George

Friday – Lockart, Evans