The market is having second thoughts on the dollar.

There go the non-farm payrolls US dollar gains. The half-cent move has now completed the round trip in most pairs.

A major space to watch is the Treasury market as 10-year yields fall back to unchanged on the day at 2.61% after testing 2.70% in the aftermath of the jobs report. Market watchers continue to poke holes in the jobs report and Hilsenrath makes a good point about the drop in prime-age worker participation.

The labor force participation rate—the share of adults in the labor force—tumbled to 62.8% of the working age population, from 63.2%. This included an important drop in participation among prime-age workers, between 25-54 years old. Prime-age participation had been rising since October, a hopeful sign that a stronger economy was drawing individuals back into the labor market. But most of that gain was reversed in April, falling from 81.2% of the population to 80.8%.

When a market reverses like this, go with it.