USD near session lows
The non-farm payrolls rollercoaster never disappoints.
The US dollar is coming under some fresh selling pressure as equities hit fresh highs. The bond market is seeing a front-end led bull steepener.
The takeaway there is that the market might be sensing the Fed keeps rates lower for longer. That erodes the anticipated yield spread. In plainer terms, it's the market thinking the Fed might be right about transitory inflation.
This debate is going to play out repeatedly in the months ahead because it will be awhile before there is anything close to clarity.
The euro is up 82 pips to 1.2146 -- a session high:
