The disappointing US employment data reinforces our expectation that after a strong advance in Q1 the US dollar will correct lower in Q2. The euro's performance is also broadly consistent with the US experience in which the dollar sold off in anticipation of QE and than rallied on the fact. The euro recorded its low within a week of the ECB's launch of its public sector purchase program. Our long-term constructive outlook for the dollar remains intact and driven by the divergence of monetary policy trajectories. We do not expect any one high frequency report to alter the calculation of monetary policy. Fed officials, ... (full story)