I’ve been reading lots of bank research and, for whatever reason, many of them talk about upside risks to the 215K consensus. I suspect that means traders are leaning the same way. If the numbers are strong, traders will absolutely pile back into USD/JPY and we’ll be back to 1.10 in no time.
If the numbers are soft it could be the start of a more-extended dollar correction.
Pre-NFP breakfast
For more, check out the non-farm payrolls preview Greg put together.
Trends in Non-Farm Payroll (Part 1)
