The US dollar continues to skid lower
Chasing non-farm payrolls has proven to be a disastrous trade as USD/JPY hit stops below the pre-NFP low of 124.44 and down to 124.31.
There isn't a great explanation behind the dollar weakness but, as we've seen before, it doesn't take much to spook the crowded USD-long trade. There's some demand in Treasuries while bunds slump and that appears to be the catalyst.
Bids:
- 124.10/00 - light, but building
- 123.75/79 - early June low
- 123.50 - May 28 low
- 123.00 - medium demand
