The US jobs data was initially interpreted as strong. However, after reevaluation things like the revisions, a quirky tumble in the participation rate and data from the household survey painted a more sanguined vision and the USD moved back lower.
Later the ISM services data came in much weaker than expectations and the "fast break the other way" - to a lower dollar - was underway. Yields in the US went lower. Stocks moved higher.
Technically, the moves also shifted the bias in the 3 major currencies from dollar bullish immediately after the job report, to more bearish immediately after the ISM data..
In this video, I take a technical look at the EURUSD, USDJPY and GBPUSD and outline the bias shift, the risk, and the new targets as market sentiment shifts.
