TD Research notes that the USD has started to consolidate a bit ahead of today’s NFP report after being massively offered as of late.
“This reflects the beating the greenback has taken in the past few months and the boost the normalization trade has offered the rest of the G10,” TD adds.
In such an environment that has sparked a massive shift in market positioning, TD thinks that the strong tone of today’s US employment report which showed a solid headline NFP (+200k) should help the recent USD consolidation to extend further.
Source: TD Securities Research
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