The US dollar sellers didn’t wait long to sell the rip

July 3, 2025
-FXnews

This is a strong signal from the market.

The US dollar leaped higher on the stronger non-farm payrolls report, climbing 40-100 pips across the board. The peak in those moves came immediately after the report and have now largely reversed despite the Fed funds curve continuing to reprice. Year-end Fed funds futures show 52 bps in easing compared to 62 bps beforehand. Two-year yields remain up 9 bps.

The dollar selling doesn’t appear to be related to rate differentials or carry but by a desire to get out of US dollars, which have been structurally built up for a decade

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