The dollar's initial reaction was fairly muted, given the size of the negative surprise, but it is ahead of the payrolls report and also because one week's data does not make a trend,
More Quotes from Richard Franulovich:
When you have a catalyst like today, the recovery tends to be much quicker and sharper than the decline because people are getting stopped out.Richard Franulovich
Some well-known commentators on Fed policy have come out and said that the Fed has finished, the Fed is on pause or the Fed should take a pause,
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This should improve dollar sentiment ... as it alleviates a lot of the structural concerns about the dollar.
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It is a commodities story in so far as commodity demand is driven by global growth and currencies like the Australian, New Zealand and Canadian dollars should see their exports turn pretty quickly when global demand turns around.
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For a number of years now in a big picture sense, price action in Aussie seems to lead global growth. There is something like a 12 - 18 month lag.
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