Dollar Ends Mostly Unchanged
EUR-USD managed to rally 40 pips over Thursday's highs before being sold back into familiar territory just over 0.8800. Sell orders reportedly sitting near 0.8900 earlier were never filled, and as a result, their owners ultimately just hit the bid. Better than expected U.S. jobs data did fail to rally the dollar, but on the other hand, failed to do much more damage either. In other words, despite EUR-USD making brief headway, most currency pairs remained within recent ranges.
USD-JPY was supported near the 123.50 region, mostly by EUR-JPY bids under 109.00, but overall, the summer doldrums certainly appear to be upon us. Despite relatively weak recent U.S. data and a souring in dollar sentiment overall, the greenback has held up amazingly well. Looking ahead to next week, Q2 productivity data will be the key data, and revisions of past quarters are likely to be more important than the current numbers. Otherwise, with the exception of consumer credit data on Tuesday, we will have to wait until Friday for further first-tier data. Even then, inflation worries are not exactly driving the foreign exchange market these days.