Plenty to believe in for those expecting growth to pick up.
There was nothing in the non-farm payrolls report to rattle the beliefs of the people who think US growth will pick up in Q2 and beyond. Among those are most Fed officials, and they will continue to anticipate data that will confirm their bias.
Aside from USD/JPY, the US dollar is back to pre-NFP levels.
Overall, I'd classify it as a mild victory for the US dollar bulls. Two weeks ago, soft or even moderate data would lead to a rout on the US dollar but not the market is clearly more balanced. It will only take a couple better economic reports to restart the dollar rally.
