By all counts the U.S. dollar looked extremely overbought based on technical analysis and was due for a correction. Friday’s surprisingly weak non-farm payrolls report triggered a pullback in the currency, but in light of its strong rally this week, the decline was extremely modest.

Payroll growth missed expectations by an eye-popping 88k and the magnitude of the miss should have triggered a more significant sell-off in the greenback. According to the Bureau of Labor Statistics, only 142k jobs were created in the month of August, the weakest pace of growth this year. Economists were looking for jobs to rise by 230k.

Next week would be interesting and we could see some clear direction after this volatility filled news week.
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