Adrian Schmidt

Senior FX Strategist

<p>&nbsp;</p><figure class="image"><img src="https://assets.continuumeconomics.com/storage/uploads/659824df61e50.png"></figure><p>A big USD decline seen on weaker than expected ISM services data. Somewhat surprising, given the S&amp;P PMIs have been relatively solid, and the employment report itself was strong, but likely reflects positioning after a week of strong USD and US yield gains. USD/JPY looks most vulnerable.</p><figure class="image"><img src="https://assets.continuumeconomics.com/storage/uploads/659824e821fea.png"></figure>


The USD has slipped back as the market notes the detail of the employment report being slightly weaker than the headline numbers, with downward revisions to past months and a weaker workweek. Nevertheless, the data is at worst mixed, and the USD should remain reasonably well supported. The Canadian

Clone - CAD flows: CAD recovering as employment details more favourable

USD flows: USD falls sharply on weaker ISM services

USD flows: USD falls sharply on weaker ISM services

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