Dollar bears shrug off positive payrolls
Good morning. The dollar is edging lower even after yesterday’s stronger-than-expected jobs data drove a hawkish repricing in US growth and monetary policy expectations. Treasury yields are holding steady, North American equity indices are setting up for a mixed open, and most major currency pairs—including the Australian and Canadian dollars, the British pound, and the euro—are trading within tightly-defined ranges. January’s headline payrolls figure came in nearly double consensus forecasts and unemployment fell unexpectedly, reducing market-implied odds of an early rate cut, lifting 10-year yields and triggering a sharp dollar rally. The surface details looked positive: 130,000 new jobs against...