Market Briefing: Dollar Weakens as Markets Turn Wary
Markets seem to have remembered the most fundamental rule in finance this morning: If it’s too good to be true, it probably is. The dollar is falling and yields are coming under pressure as traders turn slightly more sceptical on the underlying details and near-term sustainability associated with Friday’s astonishingly-strong jobs numbers, with growth seen decelerating and employment rates expected to soften in coming months. Policy expectations are falling. Implied odds on a 75 basis point move at the Federal Reserve’s September meeting are holding near 68 percent, up from 40 percent prior to the release, but down relative to...