This is not a market for pip-scalpers today. The moves are pretty big and they’re not particularly well-correlated with the other major markets in the wake of the employment report.
EUR/USD has caught a nice bid, bouncing back to the low 1.3440s from a low in the 1.3360s. Cable is well supported, trading close to session highs; that seems to be dragging EUR/USD along for the ride.
Cable on a 1.48 handle shows that while the reflation trade may be a bit bruised today it is still alive and has a bit of kick left in it…
