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US Jobs Data: Deja Vu All Over Again?
A week ago, after nine Fed officials had spoken, the market widely expected Yellen and Fischer to confirm that the table was set for a rate cut later this month. They did, and the dollar and US interest rates fell. Now, after a strong ADP jobs report (298k), everyone recognizes upside risk to today's national report, and the dollar has lost its upside momentum against most major currencies, but the Japanese yen. Many seem to recognize the risks of long dollar positions today. There are three sets of possibilities. First, the US jobs report is seen as strong, and the dollar sells off, as last week on buy the rumor ... (full story)
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